After turning profitable, logistics startup Delhivery sets ball rolling to go public

E-commerce logistics company Delhivery Pvt. Ltd is planning to go public and has asked investment banks to pitch for the mandate to run the share sale, four people aware of the development told VCCircle.

The initial public offering will provide an opportunity to the company’s private equity investors to partially or fully exit, the people said, asking not to be named as the matter is confidential. The IPO plan comes as the company recently turned profitable, one of the persons said.

Delhivery was incorporated in 2011 and has raised funding from several PE investors including Multiples Private Equity, Carlyle Asia Partners, Tiger Global Management and Nexus Ventures. Times Internet, the digital business arm of media conglomerate Times Group, has invested in Delhivery in tranches since April 2012. It owns about 16.4% stake in the company, going by VCCEdge, the data research platform of News Corp VCCircle.

As of now, Delhivery’s is slated be the first e-logistics IPO and may prompt peers to go public.

Formerly SSN Logistics Pvt. Ltd, Delhivery Pvt. Ltd is likely to meet investment bankers as early as this week, a second person said. A third person said that the issue size and structure have not been decided yet.

Earlier in the day, Mint also reported that Delhivery was looking to go public.