Delhivery
Mainboard₹5,235 Cr issue
+1.23%
Listing gain over issue price
Issue size
₹5,235 Cr
1 lot at cut-off
₹14,610
Lot size
30shares
Open
11 May 2022
Close
13 May 2022
Allotment
19 May 2022
Listing
24 May 2022
Listing performance
Issue price
₹487
Listed at
₹493
Listing-day close
₹537.25
Latest price
₹370
Close on 23 Oct 2026
Listing gain
+1.23%
Return since issue
-24.02%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 11 May 2022 – 13 May 2022
- Listing date
- 24 May 2022
- Face value
- ₹1 per share
- Issue price
- ₹487 per share
- Lot size
- 30 shares
- Total issue size
- ₹5,235 Cr
- Market cap at offer price
- ₹35,283 Cr
- ISIN
- INE148O01028
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- N24-N34, S24-S34, Air Cargo Logistics Centre-II, Indira Gandhi International Airport, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,81,87,860 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 30 shares per lot, in multiples, at ₹487
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 30 | ₹14,610 |
| Retail (max) | 13 | 390 | ₹1,89,930 |
| S-HNI (min) | 14 | 420 | ₹2,04,540 |
| S-HNI (max) | 68 | 2,040 | ₹9,93,480 |
| B-HNI (min) | 69 | 2,070 | ₹10,08,090 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
4,81,87,860
Anchor portion
₹2,347 Cr
at ₹487 per share
Valuation and performance
Valuation at offer price
₹487 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −8.05 | — |
| Market cap | — | ₹35,283 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- −14.66%
- PAT margin
- −10.83%
- EBITDA margin
- −2.75%
- NAV per share
- ₹54.79
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Delhivery
Delhivery Limited, incorporated in 2011 and converted to a public limited company in 2021, is India's largest and fastest growing fully integrated logistics player as of Fiscal 2021. The company provides a comprehensive range of logistics services including express parcel delivery, heavy goods delivery, part-truckload freight, truckload freight, warehousing, supply chain solutions, cross-border express and freight services, and supply chain software. Operating a nationwide network of logistics facilities (sorting centres, gateways, distribution centres, and warehouses), Delhivery leverages proprietary technology, automation capabilities, and data intelligence to serve customers across e-commerce, FMCG, BFSI, and other sectors. The company has made significant investments in automation, self-developed logistics technology, and data intelligence capabilities to support its operations and growth.
Company Analysis
from RHPDelhivery is India's largest fully integrated logistics player providing express parcel delivery, freight services, warehousing, and supply chain solutions across domestic and cross-border channels.
Delhivery Limited, incorporated in 2011 and converted to a public limited company in 2021, is India's largest and fastest growing fully integrated logistics player as of Fiscal 2021. The company provides a comprehensive range of logistics services including express parcel delivery, heavy goods delivery, part-truckload freight, truckload freight, warehousing, supply chain solutions, cross-border express and freight services, and supply chain software. Operating a nationwide network of logistics facilities (sorting centres, gateways, distribution centres, and warehouses), Delhivery leverages proprietary technology, automation capabilities, and data intelligence to serve customers across e-commerce, FMCG, BFSI, and other sectors. The company has made significant investments in automation, self-developed logistics technology, and data intelligence capabilities to support its operations and growth.
Logistics and Supply ChainExpress Parcel DeliveryFreight TransportationWarehousing and DistributionCross-Border LogisticsSupply Chain Software
Objects of the Issue
- Funding organic growth initiatives - Building scale in existing business lines and developing new adjacent business lines ₹1,600 million p.27
- Funding organic growth initiatives - Expanding our network infrastructure ₹13,600 million p.27
- Funding organic growth initiatives - Upgrading and improving our proprietary logistics operating system ₹4,800 million p.27
- Funding inorganic growth through acquisitions and other strategic initiatives ₹10,000 million p.27
- General corporate purposes p.27
- Funding capital expenditures for infrastructure development ₹40,000 million (Fresh Issue portion) p.92
- Funding organic growth initiatives including building scale in existing business lines and developing new adjacent business lines ₹1,600 million p.167
- Funding organic growth initiatives including expanding network infrastructure ₹13,600 million p.168
- Funding organic growth initiatives including upgrading and improving proprietary logistics operating system ₹4,800 million p.169
- Funding inorganic growth through acquisitions and other strategic initiatives ₹10,000 million p.170
- General corporate purposes [●] (not to exceed 25% of Net Proceeds) p.166
- Not disclosed in Part 5
- Funding inorganic growth through acquisitions and other strategic initiatives p.257
Issue Structure
- Total Issue
- Up to ₹52,350 million
- Fresh Issue
- Up to ₹40,000 million
- Offer for Sale
- Up to ₹12,350 million
- Face Value
- ₹1 each
Business Model
Delhivery generates revenue from providing logistics and supply chain services across multiple channels: express parcel delivery, heavy goods delivery, part-truckload (PTL) freight, truckload (TL) freight, warehousing, supply chain solutions, cross-border express and freight services, and supply chain software solutions. The company operates on a network-based model utilizing leased logistics facilities and primarily leased transportation vehicles (99.52% leased as of December 31, 2021), supported by proprietary technology platforms and automation systems.
Business Segments
Fast-moving parcel delivery service for e-commerce and B2B customers
Delivery of heavy goods such as white goods, furniture, sports goods, etc.
Consolidated freight services for partial truck shipments
Full truckload freight services
Warehousing, storage, and integrated supply chain management services
International express parcel and freight services across borders
Software solutions for supply chain management and logistics operations
Pickup, sorting, transportation and delivery of express parcels, primarily for e-commerce customers. The service covers various customer verticals including e-commerce, customer electronics, consumer durables, FMCG, healthcare, lifestyle, automobiles and manufacturing.
Transportation of freight through part truck load services for corporate customers. Spoton Logistics provides similar PTL freight services, acquired by Delhivery in August 2021.
Fast express parcel delivery services through a network of direct delivery centres and partners
Non-express part truck load freight services for efficient transportation of goods
Full truck load transportation services for third-party customers
Warehousing, fulfillment centres, and end-to-end supply chain solutions
International express and freight services to enable cross-border commerce
Delivery of parcels weighing less than 40 kilograms with same-day and next-day capabilities and 48-96 hour deliveries for long-distance orders, serving e-commerce marketplaces, D2C brands, and SMEs with reverse logistics and value-added services
Delivery of consignments weighing between 10-2,000 kgs through consolidation at pick-up and delivery terminals and intermediate processing centers, offering express PTL (3-5 day turnaround) and traditional PTL (slower turnaround) services
Integrated supply chain solutions combining warehousing, transportation, and order fulfillment services using proprietary Godam WMS for multi-channel, multi-tenant operations serving e-commerce and corporate customers with inventory optimization
Full truck/trailer load delivery directly from shipper to consignee through the Orion brokerage platform connecting shippers with fleet owners via centralized bidding and matching engine
Door-to-door and port-to-port express parcel services to and from India and cross-border air-cargo services through Starfleet platform with reciprocal alliances with Aramex and FedEx for customs clearance and delivery
Distribution of FMCG products and import of medical equipment on back-to-back arrangements with customers
Provides services of a digital freight exchange that connects shippers with suppliers of freight capacity ensuring transparent and reliable online execution of orders.
Provides services as a digital freight broker with an aim to engage with fleet owners and bring them into the freight exchange platform.
Provides integrated logistics solutions in India.
Express parcel delivery services
Part truck load freight transportation services
Full truck load freight transportation services
Warehousing services and end-to-end services
International cross-border logistics services
Revenue is recognized for these performance obligations as they are satisfied over the contract term, which generally represents the transit period including the incomplete trips at the balance sheet date. The transit period can vary based upon the method of transport, generally a couple days for over the road, rail, and air transportation.
Revenue from renting of warehouse and end to end services are recognised over time as the customer simultaneously avails the benefits of these services. Hence, the revenue from such services is recognised on a monthly basis, in accordance with the amount fixed as per the agreements.
Express parcel and heavy goods delivery services. The company's largest individual service offering in terms of revenue.
PTL freight services operating on common gateway and line haul infrastructure with express parcel services. Following acquisition of Spoton in August 2021, Delhivery became the third largest PTL freight player in India.
TL freight service offering following a freight exchange model whereby customers can opt for contracted or spot rates. Company strategically reduced TL business during Fiscal 2021 and nine months ended December 31, 2021 to manage working capital.
End-to-end supply chain solutions leveraging integrated logistics services, technology and data science capabilities, including warehousing services.
Cross-border express and freight services with strategic alliances including Aramex (established March 2019 for Middle East and North Africa coverage) and FedEx (agreement effective December 5, 2021 for North American, European, Australian and Asian markets).
Door-to-door express parcel delivery to customers. Prices based on specific lane (origin and destination countries), size and weight of shipment, value and insurance and customs clearance charges.
Freight services for less-than-full truckload shipments. Provides transportation for partial shipments.
Full truckload transportation services. Launched TL services for third-party customers in Fiscal 2020.
Warehousing and logistics management services including handling of goods and various supply chain operations.
Door-to-door and port-to-port express parcel and air-cargo shipping services to customers from India to the rest of the world or from other countries to India. Prices based on specific lane, shipment characteristics, insurance and customs clearance charges.
Distribution of FMCG products and trading of certain goods purchased and sold in back-to-back arrangements, including medical equipment.
SWOT Analysis
Strengths
- • Largest and fastest-growing fully integrated logistics player in India by revenue(p.26)
- • Full-range of integrated logistics services across express parcel, heavy goods, freight, warehousing, and supply chain(p.26)
- • High-quality logistics infrastructure with significant technology and automation investments(p.26)
- • Professionally managed company without identifiable promoter constraints(p.26)
- • Established network with significant geographic reach and infrastructure capacity(p.46)
- • Strong market position in e-commerce parcel logistics(p.50)
- • Diversified customer base across multiple verticals(p.49)
- • Asset-light business model reducing capital requirements(p.46)
- • Largest and fastest-growing fully integrated logistics player in India(p.165)
- • Proprietary logistics operating system with 80+ applications(p.165)
- • Asset-light business model enabling rapid scaling(p.188)
- • Pan-India network reach across 17,488 PIN codes(p.188)
- • Diverse customer base across multiple verticals(p.188)
- • Large technology and engineering team(p.188)
- • Largest and fastest-growing fully-integrated logistics services player in India by revenue(p.229)
- • Rapid revenue growth at 48.49% CAGR from FY2019 to FY2021(p.229)
- • Proprietary logistics operating system with 80+ integrated applications(p.230)
- • Extensive data intelligence capabilities from 1+ billion orders and 30+ billion shipment events(p.217)
- • Highest automation investments among independent e-commerce logistics players(p.232)
- • Mesh network topology enabling faster turnaround and flexibility vs hub-spoke models(p.227)
- • Diversified customer base of 23,113 active customers with strong retention(p.233)
- • Asset-light business model with leased infrastructure and partner network(p.233)
- • Acquired major logistics assets and customer contracts from FedEx(p.254)
- • Acquired Spoton Logistics as wholly-owned subsidiary for integrated logistics capabilities(p.254)
- • Acquired Transition Robotics technology and IP for unmanned aerial systems(p.254)
- • Established strategic partnership with FedEx for international logistics(p.256)
- • Established intralogistics partnership with Falcon Autotech for automation solutions(p.257)
- • Secured significant equity investments from leading institutional investors(p.254)
- • Established global presence with subsidiaries across key markets(p.257)
- • Diverse service portfolio spanning express parcels, truck load, part truck load, supply chain and cross-border logistics(p.331)
- • Significant scale with 2,166.80 million equity shares outstanding and established asset base(p.324)
- • Accumulated technology and software capabilities through multiple acquisitions including Spoton, Roadpiper and PrimaSeller(p.338)
- • Established employee stock option plans demonstrating talent retention focus(p.345)
- • Multiple ESOP schemes with graduated vesting structures enabling employee engagement(p.345)
- • Established lease infrastructure with structured asset deployment(p.347)
- • Diverse customer base across multiple industries with high retention(p.530)
- • High customer retention driven by service quality and deep system integration(p.530)
- • Significant operating leverage from scale enabling cost reduction(p.531)
- • Proprietary technology and machine learning capabilities for operational efficiency(p.531)
- • Asset-light model with 99.52% of vehicles hired from third-party fleet partners(p.527)
- • Integrated service offerings reducing dependence on single business line(p.532)
- • Cross-selling to existing customers with high multi-service usage(p.530)
Weaknesses
- • History of sustained losses and negative cash flows from operations(p.34)
- • Negative operating cash flows in most periods including nine months ended December 31, 2021(p.39)
- • High dependence on leased infrastructure with limited ownership of logistics facilities(p.40)
- • Reliance on external fleet partners for 99.52% of trucks and transportation vehicles(p.40)
- • High attrition rates in workforce, particularly among contracted and technical employees(p.43)
- • High employee benefit and contractual manpower costs(p.45)
- • Significant reliance on a few large customers(p.56)
- • Continued operating losses and negative EBITDA(p.49)
- • High outstanding receivables and credit exposure(p.65)
- • Material contingent liabilities from tax proceedings(p.49)
- • Limited control over network partners and contractual workforce(p.46)
- • History of losses and negative cash flows(p.176)
- • Heavy reliance on scaled, automated network infrastructure(p.176)
- • Vulnerability to disruptions in logistics facilities(p.176)
- • Dependence on network partners and third parties(p.176)
- • Contingent liabilities with potential material impact(p.176)
- • Net proceeds deployment not independently appraised(p.176)
- • Persistent operating losses with negative EBITDA margins(p.232)
- • Negative Adjusted EBITDA margin of (0.72%) in 9MFY2022 despite improvements(p.233)
- • Recent deterioration in profitability with 9MFY2022 loss of ₹8,911.39 million(p.233)
- • High employee costs at 20.22% of revenue in 9MFY2022(p.230)
- • Significant fair value losses on financial liabilities (₹2,997.39 million in 9MFY2022)(p.232)
- • Significant accumulated losses and negative retained earnings(p.287)
- • Negative operating cash flows in recent periods(p.289)
- • High reliance on shareholder consent for operational decisions(p.255)
- • Concentration of director appointment rights among key shareholders(p.254)
- • Founders retain significant control post-listing through veto rights(p.255)
- • Material acquisition-related contingent liabilities and earn-out obligations(p.276)
- • Significant fair value losses on financial liabilities(p.288)
- • Persistent losses with restated loss of INR 8,911.39 Millions for nine months ended 31 December 2021(p.327)
- • High proportion of trade receivables that are credit-impaired at INR 2,751.25 Millions, indicating collection challenges(p.321)
- • Significant goodwill concentration of INR 13,861.48 Millions (80% of intangible assets) from Spoton acquisition, creating impairment risk(p.338)
- • High debt burden with borrowings of INR 3,707.81 Millions and significant lease liabilities from operating lease obligations(p.328)
- • Dependence on contractual manpower and vehicle rental expenses totaling INR 14,645.27 Millions for operations(p.333)
- • Substantial accumulated lease obligations constraining financial flexibility(p.348)
- • Significant contingent tax liabilities from service tax disputes(p.360)
- • Elevated finance costs and interest burden on borrowings(p.348)
- • Bank covenant non-compliance and debt classification issues(p.424)
- • Significant goodwill amortization burden and impairment risk(p.412)
- • High debt levels with significant interest burden(p.423)
- • Significant operating losses and negative retained earnings(p.422)
- • Trade receivable quality concerns and credit impairment(p.416)
- • High dependence on e-commerce customer base(p.528)
- • Significant dependence on express parcel services revenue(p.537)
- • Continued losses and negative EBITDA despite revenue growth(p.540)
- • High freight, handling and servicing costs as percentage of revenue(p.527)
- • Material acquisition-related goodwill subject to amortization rather than impairment testing(p.536)
- • Negative cash flows from operating activities(p.545)
Opportunities
- • Massive growth of Indian logistics market from US$216 billion to US$365 billion by Fiscal 2026(p.26)
- • Significant market consolidation potential as organized players expected to grow from 3.5% to 12.5-15.0% by Fiscal 2026(p.26)
- • Expansion plans through organic growth initiatives and inorganic growth through acquisitions(p.27)
- • Technology and automation investments to improve operating margins(p.27)
- • Growing e-commerce market and increased logistics demand(p.50)
- • Expansion into international markets and cross-border services(p.77)
- • Expansion into new service offerings and industry verticals(p.64)
- • Strategic acquisitions to enhance capabilities and market position(p.71)
- • Expanding scale in existing business lines(p.167)
- • Launching new adjacent service offerings(p.167)
- • Entering international markets through partnerships(p.167)
- • Expansion of network infrastructure and automation(p.168)
- • Offering financial services leveraging transaction data(p.167)
- • Inorganic growth through strategic acquisitions(p.170)
- • Express parcel segment growing at 28-31% CAGR to US$10-12 billion by FY2026(p.220)
- • Express PTL market growing 21% CAGR from ~US$3.3bn (FY21) to US$9bn (FY26)(p.220)
- • Organized logistics players' market share expanding from 3.5% (FY20) to 12.5-15% (FY26)(p.220)
- • Warehousing and supply chain services consolidation from US$1.6bn (FY20) to US$13-15bn (FY26)(p.220)
- • D2C category growing 45% CAGR from 100M (FY21) to 600M shipments (FY26)(p.204)
- • Online shoppers expected to double from 160M (FY21) to 330-350M (FY26)(p.204)
- • Total e-commerce volume expected to grow 32-35% CAGR from 1.5bn (FY20) to 8-9bn (FY26)(p.207)
- • Externalize logistics OS as SaaS platform targeting global developers and partners(p.235)
- • Expand into emerging international markets with India-like structural challenges(p.235)
- • Launch financial services leveraging supply chain data and customer profiling(p.235)
- • Expand last-mile logistics network through acquired FedEx assets and customer base(p.254)
- • Develop intralogistics automation capabilities through Falcon partnership and equity stake(p.257)
- • Build drone and unmanned aerial systems business through Delhivery Robotics(p.254)
- • Leverage Spoton's integrated logistics solutions for broader market coverage(p.259)
- • Expand international logistics capabilities through FedEx partnership(p.256)
- • Grow technology and digital freight exchange platform business(p.258)
- • Expansion into cross-border logistics with revenue growing from INR 85.94 Millions (FY2019) to INR 2,637.85 Millions (9M FY2022)(p.331)
- • Growing supply chain services segment which includes warehousing and end-to-end services(p.331)
- • Strategic asset acquisition of FedEx operations providing customer relationships of INR 488.87 Millions and brand value of INR 724.90 Millions(p.342)
- • Technology platform expansion through acquisitions of Robotics capabilities and software development capabilities(p.342)
- • Acquisition of Spoton Logistics providing scale in surface transport logistics(p.371)
- • Expansion into air freight business through Spoton integration(p.387)
- • Geographic expansion beyond India with international subsidiary operations(p.354)
- • Expansion into air cargo transportation business(p.460)
- • Scale-up under Delhivery Limited parent post-acquisition(p.460)
- • Revenue growth from warehouse management services diversification(p.427)
- • Significant projected growth in India's online shopper base(p.528)
- • High growth potential in D2C and social commerce segments(p.528)
- • Expansion into new service offerings and verticals(p.530)
- • Growing wallet share potential with existing customers(p.530)
- • Technology externalization and data product monetization opportunities(p.532)
- • India's projected GDP growth driving overall demand(p.528)
Threats
- • Ongoing COVID-19 pandemic and variants could cause significant business disruption(p.41)
- • High dependence on e-commerce industry growth for business expansion(p.24)
- • Risk of disruption from governmental inspections, regulatory orders, or facility shutdowns(p.41)
- • Natural disasters and catastrophic events could destroy inventory and impair operations(p.42)
- • Risk of labor disputes, strikes, and unionization affecting operations(p.41)
- • Intense competition for skilled technical personnel may increase employee costs(p.43)
- • E-commerce customers building in-house logistics capabilities(p.55)
- • Intense competition and pricing pressures from fragmented market(p.55)
- • Labor market tightness and wage inflation(p.45)
- • Evolving labor laws increasing compliance costs and employee expenses(p.45)
- • Regulatory changes affecting vehicle fleet compliance(p.47)
- • Dependence on third-party infrastructure and potential service disruptions(p.47)
- • COVID-19 pandemic impact on shipment volumes and operations(p.63)
- • Macroeconomic sensitivity and consumer spending volatility(p.50)
- • Uncertainty in evolving data protection and privacy regulations(p.71)
- • High correlation with e-commerce industry growth(p.176)
- • Difficulty controlling costs and passing increases to customers(p.176)
- • Labor constraints and union activities(p.176)
- • High fragmentation of Indian logistics with organized players at only 3.5% market share in FY20(p.202)
- • Intense competition from large global players like FedEx, UPS with integrated services(p.202)
- • E-commerce volumes increasingly relying on captive logistics (59% in FY21)(p.208)
- • Organized PTL market growing at 34% CAGR vs 13% for overall market creates competitive pressure(p.209)
- • Truckload freight remains highly fragmented with 85%+ small fleet owners (under 20 trucks)(p.210)
- • Infrastructure and automation costs required to compete with tech-enabled players(p.208)
- • Price volatility and earnings volatility due to seasonality in logistics markets(p.210)
- • Dependence on partner network creates execution and quality control risks(p.233)
- • Inability to declare dividends despite IPO(p.281)
- • Contingent FedEx director representation limiting board independence(p.254)
- • NCLT-sanctioned Spoton amalgamation creates ongoing goodwill amortization requirement(p.286)
- • Goodwill impairment risk from recent major acquisitions(p.287)
- • Regulatory dependency on Competition Commission approval for integration(p.254)
- • Cyclical logistics industry subject to economic downturns and demand volatility(p.305)
- • High exposure to input cost volatility particularly in fuel and transportation costs(p.333)
- • Regulatory risks and compliance requirements from business restrictions imposed by regulators affecting customer base(p.334)
- • Intense competition in logistics sector with pressure on service pricing and margins(p.333)
- • FX and currency exposure from cross-border operations and foreign acquisitions(p.334)
- • Pending income tax demands and appeal liabilities from prior assessment years(p.360)
- • Service sector regulatory compliance risks including goods transport classification disputes(p.360)
- • Customer concentration risk with largest customer at 13.26% of net sales(p.353)
- • Service tax and regulatory disputes with ongoing contingent liabilities(p.442)
- • Provident Fund compliance exposure and contingent penalties(p.442)
- • Dependence on freight transportation with high operational leverage(p.427)
- • COVID-19 pandemic impact on logistics operations and demand(p.444)
- • Linehaul and vendor cost inflation pressure(p.428)
- • COVID-19 pandemic impact on operations and volumes(p.538)
- • Material customer cessation in express parcel services(p.553)
- • Seasonality in express parcel services from festival-driven e-commerce patterns(p.553)
- • Fuel and diesel price volatility impacts costs(p.527)
- • Foreign currency risk from cross-border operations(p.552)
- • Rising input costs including diesel prices and contractual manpower wages(p.541)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| SVF Doorbell (Cayman) Ltd | Investor Selling Shareholder | 22.04% | — |
| CA Swift Investments | Investor Selling Shareholder | 7.18% | — |
| Times Internet Limited | Investor Selling Shareholder | 4.94% | — |
| Deli CMF Pte. Ltd. | Investor Selling Shareholder | 1.07% | — |
| Mohit Tandon | Individual Selling Shareholder | 1.82% | — |
| Suraj Saharan | Individual Selling Shareholder | 1.71% | — |
| Kapil Bharati | Individual Selling Shareholder | 1.04% | — |
| Sahil Barua | Promoter/Executive Director | — | — |
| Sandeep Kumar Barasia | Promoter/Executive Director | — | — |
| Kapil Bharati | Promoter/Executive Director | — | — |
| CA Swift Investments | Investor Selling Shareholder | — | — |
| SVF Doorbell (Cayman) Ltd | Investor Selling Shareholder | — | — |
| Deli CMF Pte. Ltd. | Investor Selling Shareholder | — | — |
| Times Internet Limited | Investor Selling Shareholder | — | — |
| Our Company does not have an identifiable promoter | Professional Management | — | — |
| Not disclosed in this section | Promoter details not provided in Part 5 | — | — |
| Sahil Barua | Founder/Managing Director and CEO | 2.08% | — |
| Suraj Saharan | Founder/Head of New Ventures | 1.71% | — |
| Kapil Bharati | Founder/Executive Director and CTO | 1.04% | — |
| Suraj Saharan | Promoter | 13.38% | — |
| Mohit Tandon | Promoter | 13.43% | — |
| Kapil Bharti | Promoter | 5.40% | — |
| Sahil Barua | Promoter | 13.70% | — |
| Bhavesh Kishor Manglani | Promoter | 2.97% | — |
| Delhivery Limited | Acquirer/Parent Company | — | 100% (effective August 24, 2021) |
| Samara Alternate Investment Fund | Former Promoter/Seller | 41.37% | — |
| Samara Capital Partners Fund II Limited | Former Promoter/Seller | 30.59% | — |
| Xponentia Opportunities Fund – I | Former Promoter/Seller | 17.58% | — |
| Xponentia Fund Partners LLP | Former Promoter/Seller | 7.42% | — |
| Delhivery Limited | Holding Company | — | 100% |
| Sahil Barua | Founder/Promoter | — | — |
Leadership
Sahil Barua · Chief Executive Officer and Managing Director
Kapil Bharati · Chief Technology Officer
Amit Agarwal · Chief Financial Officer
Sandeep Kumar Barasia · Chief Business Officer
Sunil Kumar Bansal · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Delhivery IPO FAQs
What is the lot size of Delhivery IPO?
The minimum lot size of Delhivery IPO is 30 shares. One lot costs ₹14,610 at the cut-off price.
When does Delhivery IPO open and close?
Delhivery IPO opened for subscription on 11 May 2022 and closed on 13 May 2022.
What is the listing date of Delhivery IPO?
Delhivery IPO listed on 24 May 2022.