🧠 Food for thought

Implications, context, and why it matters.

This sale continues a multi-year exit by early investors

• Nexus Venture Partners has been selling shares since Delhivery’s initial public offering (IPO), cutting its holding from 10.26% at listing 1.
• In August 2024, Nexus sold another 1.06% for 3.4 billion rupees (US$37.1 million) 2.
• The Canada Pension Plan Investment Board (CPPIB), a large Canadian pension investor, has also been trimming its position. It held 5.96% at the end of the March quarter of FY24, had already sold 2.77% in April 2024, and reports said it may sell the rest 3.
• These sales follow a common venture capital cycle where early backers sell after an IPO and return money to their own investors.

Delhivery’s ownership is shifting toward domestic institutions

• Delhivery’s shareholder mix has been moving away from early foreign investors and toward domestic institutions.
• One-quarter filings recorded foreign holdings falling from 51.65% to 48.57%, while domestic mutual fund ownership rose from 29.94% to 32.75% 4.
• That rotation comes as Delhivery posted its first profitable fiscal year in FY25 with net profit of 1.6 billion rupees (US$17.5 million) 1.
• Delhivery has no promoter shareholding, so no founding shareholder or promoter group holds a controlling stake. This can make it easier for mutual funds and other institutions to build larger positions 5.