SoftBank gets $115m from sale of 3.8% stake in India’s Delhivery

Delhivery made its debut on the local bourse in 2022. / Photo credit: Delhivery

SoftBank has sold a 3.8% stake in India-based logistics unicorn Delhivery for US$115.5 million, according to data available on BSE.

SoftBank continues to be the largest shareholder in the logistics company, holding around a 13.5% stake, a source told Tech in Asia.

Delhivery provides a full suite of logistics services such as express parcel transportation, cross-border, B2B and B2C warehousing. It also  offers end-to-end supply chain services.

The company’s losses widened to over 54% during the December quarter of FYE 2023, as compared to the same quarter in FYE 2022.

It was earlier reported that SoftBank was also in discussions to offload some stake in Paytm. However, the Indian payments player denied such claims.

SoftBank is one of India’s biggest unicorn minters, investing in a slew of billion-dollar companies such as Flipkart, Oyo, Lenskart, Unacademy, and Swiggy.

According to Tracxn data shared with Tech in Asia, SoftBank invested US$9.3 billion in the country in 2021, but this plunged to US$1.1 billion in 2022.

Note: The financial year in India runs from April 1 to March 31.

See also: Plotting out SoftBank’s 2023 India roadmap