Carlyle Group offloads 2.5% stake in Indian logistics firm Delhivery for $74m

Carlyle Group offloads 2.5% stake in Indian logistics firm Delhivery for $74m

Visual from Delhivery website

The Carlyle Group, through its special purpose vehicle CA Swift Investments, has sold shares worth $74 million (Rs 607 crore) in Indian logistics firm Delhivery, according to data available on NSE.

CA Swift Investments offloaded 18.4 million shares, amounting to a 2.5% stake in Delhivery. As of the quarter ended Sept, CA Swift Investments owned a 5.07% stake in the company.

The shares were sold at an average price of Rs 330.02 apiece. Morgan Stanley Asia (Singapore) Pte-ODI acquired 48,54,607 shares of the company at the same price.

The six-month post-IPO lock-in on shares of Delhivery ended on November 20, around the same time when lock-in periods for new-age tech companies such as Nykaa, Paytm, and Policybazaar have expired and witnessed significant pressure.

Delhivery competes with DHL’s unit Blue Dart Express and DTDC India in a sector that saw a direct spend of $216 billion in fiscal 2020 and is expected to grow to $365 billion by fiscal 2026. It provides a wide range of logistics services, including delivery of express parcel and heavy goods, PTL freight, TL freight, warehousing, supply-chain solutions, cross-border express, freight services, and supply-chain software.

Delhivery shares debuted at Rs 495 in May and closed 32% below the IPO price on Tuesday.

Founded in 2011, Delhivery handles more than 1.5 million packages a day through its 43,000-strong team across India, according to its website. It became a unicorn in 2019, when it raised $413 million in a Series F round led by SoftBank Vision Fund, and completed a Series H funding round in June led by Fidelity.

The logistics player reported a net loss of Rs 891.13 crore with revenues of Rs 4,911.4 crore for the period ended December 31, 2021.

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