Delhivery hits all-time low, market value falls below 2021 private estimate • TechCrunch

Shares of Delivery hit an all-time low of 317 Indian rupees ($3.88), reducing its market capitalization to $2.8 billion. It fell below the price it raised from private equity investors in 2021, with the Indian logistics company struggling for results. Wholesale and muted growth report.

Shares of the Gurgaon-headquartered company, which went public in May this year, fell as low as 317 Indian rupees, below the price of 487 and the all-time high of 708.45. The stock move saw CA Swift Investments pay its position in Delivery by $74.2 million this week. A large selloff puts downward pressure on stocks.

At its current share price, Delivery’s market value has fallen to $2.8 billion. In the year

In the year Founded in 2011, Delivery is one of India’s largest fully integrated logistics companies serving customers in over 18,000 zip codes. It counts SoftBank Vision Fund, Tiger Global, Carlyle Group, Steadview Capital, Singapore’s GIC and UK’s Bailey Giffords among its backers.

The startup reported muted quarterly business growth last month, citing lower volumes in its supply chain services and cargo business.

The company has confirmed that it has made sufficient capacity investments in FY22 and early FY23 to sustain our current growth rate and secure new mega-gateway and separation decisions only in early FY24.

Delivery is one of the few Indian tech startups listed in the last year and a half. All other startups are trading well below their IPO prices. Indian fintech giant Paytm slipped to 452 Indian rupees on Wednesday, after hitting a record Tuesday low, reducing its market capitalization to $3.6 billion. Online Insurance PolicyBazaar has dropped to INR 391, down from INR 980.

India’s Sensex – the local stock benchmark – is up 4.16% this year, outperforming the S&P 500 index (down 16.5%) and China’s CSI 300 (down 23.27%).

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