Delhivery Pvt, an Indian logistics and supply chain startup, plans to submit a draft prospectus from October for its initial public offering that could raise around $ 1 billion, according to people with knowledge of the matter.
The company, backed by SoftBank Vision Fund and Carlyle Group Inc., aims to list in Mumbai before March next year, said the people, who asked not to be identified because the information is private. The offering could include both new and existing shares, one of the people said.
Founded in 2011, Delhivery handles more than 1.5 million packages a day through its team of 43,000 people across India, according to its website. The company completed a series of H funding rounds in June led by Fidelity. It also counts Fosun International Ltd., Tiger Global and Times Internet Ltd. among its sponsors.
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Delhivery would join a strong line of Indian startups that are poised to take advantage of the IPO market in the coming months. Paytm, the nation’s leader in digital payments, submitted its preliminary offering documents last month and could raise as much as 166 billion rupees ($ 2.2 billion). Flipkart, the Indian e-commerce giant controlled by Walmart Inc., and digital education startup Byju, are also preparing to sell shares for the first time, Bloomberg News reported.
Details of Delhivery’s IPO, including the size and schedule, could still change as deliberations are ongoing, the people said. A company representative declined to comment.