Shares of Delhivery hit an all-time low of 317 Indian rupees ($3.88) Wednesday, slicing its market cap to $2.8 billion, falling under the valuation at which it raised capital from non-public traders in 2021, because the Indian logistics agency grapples with the aftermath of a bulk deal sale and muted progress report.

Shares of the Gurgaon-headquartered agency, which went public in Might this 12 months, went as little as 317 Indian rupees, significantly under its problem worth of 487 and all-time excessive of 708.45. The share motion follows CA Swift Investments offloading its place in Delhivery for $74.2 million this week. A big dump places downward strain on shares.

On the present share worth, Delhivery’s market cap has shrunk to $2.8 billion. It was valued at $3 billion in a round led by Fidelity in May 2021. The agency has raised over $2.3 billion throughout non-public rounds and IPO (together with secondary sale).

Based in 2011, Delhivery is considered one of India’s largest fully-integrated logistics firms, serving clients in over 18,000 zip codes. It counts SoftBank Imaginative and prescient Fund, Tiger World, Carlyle Group, Steadview Capital, Singapore’s GIC and the UK’s Baillie Gifford amongst its backers.

The startup reported muted quarterly business growth final month, stating that its provide chain service and truckload enterprise quantity had shrunk.

The corporate assured traders that it has made “ample capability investments in FY22 and early FY23 to maintain our present charge of progress and anticipate new mega-gateway and sorter selections solely by early FY24.”

Delhivery is amongst a handful of Indian tech startups that has listed previously one and a half years. All different startups are buying and selling effectively under their IPO costs as effectively. Indian fintech large Paytm, which hit an all-time low Tuesday, slid additional to as little as 452 Indian rupees Wednesday, slicing its market cap to $3.6 billion. On-line insurer Policybazaar fell to as little as 391 Indian rupees, down from the problem worth of 980.

India’s Sensex — the native inventory benchmark — stays up 4.16% this 12 months, significantly outperforming S&P 500 index (down 16.5%) and China’s CSI 300 (down 23.27%).

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