Supply Chain Services company Delhivery, which is all set for an IPO, saw an exit of two of its co-founders.
Bhavesh Manglani and Mohit Tandon, two of the five co-founders of Delhivery, have renounced from daily operations and have been ‘reclassified’ as ‘ retiring or non-active promoters’ for the stake they held in the company.
The decision to leave the company was proposed earlier this year, in front of the Board Members and same has been approved, told the sources of The Times of India (TOI).
In a statement to TOI, a person aware of the insider news said, “ Both of them have left the firm and one of them might start up again. The leaving co-founders may also consider selling-off their shares during the company’s IPO, expected to go public in 2021 or 2022.
“After 10 years of building Delhivery, two of the five co-founders have decided to move on to pursue other interests,” a spokesperson of the logistic unicorn informed the publication, verifying the development.
Mohit Tandon, Sahil Barua, Bhavesh Manglani, Kapil Bharati and Suraj Saharan are the founders of Delhivery. All the five founders together hold under 10% stake in the firm.
The company provides services like express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B & B2C warehousing and technology services. Since its inception, the logistic unicorn has successfully delivered over 850 million orders to more than 300 million households across India.
The company owns 24 automated sort centres, over 85 fulfilment centres,3000 direct delivery centres, 7500 partner centres, 15000 vehicles and 40000 team members and 70 hubs that helps them lead in the market.
Earlier this month, it was reported that Logistics unicorn Delhivery is in the middle of talks with several global investors, including US-based Fidelity, for raising the funds before going public. In December, as per the Press release by Delhivery, Steadview Capital bought $25 million worth of secondary shares in the logistic unicorn.
To date, logistics company has raised $959.6 Mn from marquees like SoftBank, Fosun International, Canada Pension Plan Investment Board and Steadview. In 2019, It entered the unicorn club after raising $413 Mn from investors like SoftBank. Now, the company is all ready to go for an Initial Public Offering (IPO) this year, at a valuation of $3.2-4 Bn.