Delhivery compliance officer Sunil Kumar Bansal resigns

Sunil Kumar Bansal, the Company Secretary and Compliance Officer at logistics startup Delhivery has resigned. In a filing with the exchange, Delhivery stated that Bansal’s resignation had been accepted as on May 3, 2023 and he will be relieved of his services with effect from May 31, 2023. 

The company said it is in the process of appointing a suitable candidate as a replacement by May 31, 2023. 

This is the second high-profile exit from Delhivery in less than a month. In April, the company’s Chief Customer Experience Officer Abhik Kumar Mitra resigned from his post. He was the CEO of express logistics and supply chain solutions provider Spoton which was acquired by Delhivery for $300 million ahead of its IPO. 

Delhivery, which is yet to announce its annual earnings for FY 2023, has seen a spate of bulk deals in recent times. Tiger Global sold shares worth Rs 387 crore through a bulk deal in April 2023, after it sold shares worth Rs 414 crore in the company in February 2023. Softbank sold shares worth Rs 954 crore in Delhivery through a separate bulk deal in March 2023. 

The logistics startup recorded an 8% drop in revenue on a year-on-year basis for Q3, FY 2023 ending in December 2022. While revenue dropped to Rs 1,823.8 crore, its net losses rose to Rs 196.5 crore for the quarter.