Friday, March 1, 2024
Business News

Tiger Global sells 2.8% stake in Delhivery

In a recent development, US-based investment firm Tiger Global Management has sold a portion of its stake in Indian logistics company Delhivery. The sale was made through an open market transaction, as per regulatory filings. Tiger Global had held a 5.38% stake in Delhivery prior to the sale.

According to the filings, Tiger Global sold a total of 2.8% stake in Delhivery, which translates to 2,03,86,688 equity shares. The shares were sold by two venture capital funds managed by Tiger Global – Internet Fund III and Tiger Global Investments Fund. Internet Fund III sold 1,92,88,238 equity shares, while Tiger Global Investments Fund sold 10,98,450 equity shares.

It is worth noting that Delhivery is one of India’s leading logistics companies, providing end-to-end supply chain solutions to businesses across the country. The company has been growing steadily over the years, and has attracted significant investments from leading investors such as SoftBank, Carlyle Group, and Fosun International, among others.

Tiger Global, too, has been a long-term investor in Delhivery. The firm first invested in the logistics company in 2015, and has since been an active participant in its funding rounds. In fact, Tiger Global led Delhivery’s Series E funding round in 2019, which raised $413 million for the company.

The recent sale of stake by Tiger Global comes amidst a broader trend of investment firms offloading their holdings in Indian startups. Several investors have been taking advantage of the strong performance of Indian startups in recent years to book profits and exit their positions. However, it is worth noting that Tiger Global still holds a significant stake in Delhivery, and continues to remain bullish on the company’s prospects.

The sale of stake by Tiger Global is unlikely to have a major impact on Delhivery’s operations or growth prospects. The logistics company remains well-positioned to capitalize on the growing demand for supply chain solutions in India, and continues to attract strong investor interest.