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Doris Yu · · 1 min readTwo Delhivery co-founders depart before its expected IPO
“Two of the co-founders of new-age logistics major Delhivery have left the firm just as the startup is readying for its initial public offering,” reported The Times of India, citing two sources briefed on the matter.
Details:
- Both Bhavesh Manglani and Mohit Tandon have been away from Delhivery’s daily operations and were reclassified as “retiring/non-active promoters” for their shares in the firm.
- Their resignation proposals were submitted to the firm’s board earlier this year and got approved. The co-founders are expected to sell their shares during a potential IPO in 2021 or next year.
Context:
- The logistics startup is reportedly raising a pre-IPO round at a valuation of US$3 billion. Some of its early investors include SoftBank, Tiger Global, and the Carlyle Group, among others.
- Together with Sahil Barua, Kapil Bharati, and Suraj Saharan, Delhivery’s five co-founders hold under 10% shares of the venture.
Editing by Miguel Cordon and Eileen C. Ang
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