<p>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. </p>.<p>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%.</p>.<p>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.<br /><br />“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<br />before another Softbank-led IPO," Vivek Durai, founder, Paper.vc said.</p>
<p>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. </p>.<p>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%.</p>.<p>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.<br /><br />“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<br />before another Softbank-led IPO," Vivek Durai, founder, Paper.vc said.</p>
