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SoftBank Offloads Delhivery Shares Through Open Market Transaction

Prior to this, SoftBank offloaded shares worth $75 million in the initial public offer (IPO) of Delhivery, in March 2022

SoftBank Offloads Delhivery Shares Through Open Market Transaction

Outlook Start-Up Desk

POSTED ON March 02, 2023 6:21 PM

Masayoshi Son-led Japanese conglomerate SoftBank diluted a 3.8 per cent stake in the Gurugram-based supply chain start-up Delhivery for Rs 954 crore through an open market transaction. 

The development came weeks after another global venture capital firm Tiger Global offloaded a 1.7 per cent stake in the company for Rs 414 crore

The company sold each share at a base price of Rs 340.8. Saudi Arabian Monetary Authority, City of New York Group Trust, Societe Generale, BNP Paribas Arbitrage, Morgan Stanley Mauritius, Baillie Gifford Emerging Markets Equities Fund brought the shares after the dilution. 

Prior to this, SoftBank offloaded shares worth $75 million in the initial public offer (IPO) of Delhivery, in May 2022. Since then, it had an 18 per cent shareholding in the company. After yesterday’s dilution, the conglomerate now holds a 14 per cent stake in the company. 

The company revealed its financial earnings for the third quarter of the financial year (FY) 2023 nearly a month ago. It witnessed its revenue fall by eight per cent to Rs 1,823 crore. Its net loss surged to Rs 195 crore compared to Rs 126 crore in the correspondent quarter, one year ago. It witnessed a 54 per cent jump. However, the company managed to reduce the net expense to Rs 2,125 crore compared to Rs 2,155 crore in FY21. 

“Leading indicators of our business - service precision, network speed and quality parameters all continue to show positive traction. We have had a good end to the year and this momentum has carried into 2023. We are confident of continued improvement in our transportation business, especially PTL, and overall profitability metrics," Delhivery CEO Sahil Barua commented on the financial numbers. 
 

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