SoftBank plans to increase stake in Delhivery

A new filing by a SoftBank Vision Fund affiliate with the Competition Commission of India (CCI) indicates that it is seeking to increase its stake in a logistics firm Delhivery. The filings were accessed by business intelligence platform Paper.vc.

The filing proposes a secondary transaction, essentially the purchase of shares from an existing shareholder or shareholders constituting 3.28% of the fully diluted capital of the company. According to Paper.vc, if the CCI approves this transaction, it would result in an increase in Softbank’s shareholding from 22.44% to 25.72%.

Earlier this year, Delhivery had raised $413 million from SoftBank at a post-money valuation of $1.5 billion. SoftBank is the largest shareholder in Delhivery followed by Tiger Global and Nexus Venture Partners with 15.38% and 14.77%, respectively. Delivery founders, Sahil Barua, Mohit Tandon, Suraj Saharan, Kapil Bharti, and Bhavesh Manglani collectively hold 8.51% stake in the company.

“It is as yet unclear which shareholder or shareholders are selling their shares although we estimate the cash consideration for this deal to be in the range of $50 mn. Prime suspects for existing shareholders include a set of individual shareholders who cumulatively hold 0.56% and a few institutions such as Times Internet and one Nexus Fund that might want to cash out
before another Softbank-led IPO," Vivek Durai, founder, Paper.vc said.