SoftBank-backed logistics unicorn Delhivery Pvt. Ltd is planning an initial public offering (IPO) in 12-18 months, a top executive said, joining a list of Indian startups looking to raise money and pave exits for their investors. The Gurugram-based company is waiting for upcoming rules on foreign listing but would prefer to list in India, chief business officer Sandeep Barasia said.
“Two years ago, when we were trying to go public, it so happened that the timing of our decision to go public coincided with the Indian general elections, and it was probably not the best time to go public because a lot of focus was going to be on elections…plus, there was already a private capital pool that was available, so we basically, pushed it back. Our view is that in the next 12-18 months, we see us going back into the public market,” Barasia added.
However, Delhivery may face regulatory roadblocks, including one on profitability track record, to go public in India, and may have to wait for clarity in upcoming guidelines.
Mint reported on 11 September that the Securities and Exchange Board of India (Sebi) is finalizing regulations on overseas IPOs, possibly with a ‘dual listing’ clause. This could force Indian startups to also list their shares within the country alongside their foreign listing.
Delhivery became a unicorn in 2019 when it raised $413 million in a Series F round led by SoftBank Vision Fund, along with existing investors Carlyle Group and Fosun International. It was then valued at $1.5 billion.
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