Tech

Delhivery hits all-time low, market cap falls below 2021 private valuation • TechCrunch


Shares in Delhivery hit an all-time low of 317 Indian rupees ($3.88) on Wednesday, reducing its market cap to $2.8 billion, well below the valuation the company is holding. raising capital from private investors in 2021, as the Indian logistics company grapples with the aftermath of a bulk sale and muted growth reports.

Shares of the Gurgaon-based company, which went public in May this year, fell to a low of 317 Indian rupees, significantly below the issue price of 487 and all-time highs. is 708.45. The stock volatility comes after CA Swift Investments sold off its position in Delhivery for $74.2 million this week. A massive sell-off puts downward pressure on the stock.

At the current share price, Delhivery’s market capitalization has dropped to $2.8 billion. It’s a valued at $3 billion in a round led by Fidelity in May 2021. The company has raised more than $2.3 billion through private funding rounds and IPOs (including secondary sales).

Founded in 2011, Delhivery is one of India’s largest fully integrated logistics companies, serving customers in over 18,000 zip codes. It includes SoftBank Vision Fund, Tiger Global, Carlyle Group, Steadview Capital, Singapore’s GIC and UK’s Baillie Gifford among backers.

the beginning muted quarterly business growth report last month, said that the volume of its truckload and supply chain services business had shrunk.

The company assured investors that it has made “sufficient capacity investments in 2022 and early 2023 to sustain our current growth rates and look forward to the decisions on the dispensers.” new type and super-large gate in early 2024.”

Delhivery is one of the few Indian tech startups to have listed in the past year and a half. All the other startups are also trading well below their IPO prices. Indian fintech giant Paytm, hit an all-time low on Tuesday, continued to slide to as low as 452 Indian rupees on Wednesday, reducing its market cap to $3.6 billion. Online insurer Policybazaar dropped to as low as 391 Indian rupees, down from the issue price of 980.

India’s Sensex – the local stock benchmark – is still up 4.16% this year, significantly outperforming the S&P 500 Index (down 16.5%) and China’s CSI 300 (down 23.27%) ).

news5h

News5h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button