About the Company:
Delhivery Ltd is the largest and fastest growing fully-integrated logistics services player in India by revenue as of Fiscal 2021.
Company provided supply chain solutions to a diverse base of 21,342 Active Customers such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing.
This is achieved through high-quality logistics infrastructure and network engineering, a vast network of domestic and global partners and significant investments in automation, all of which are orchestrated by our self-developed logistics operating system that is guided in real-time by deep sources of proprietary network and environmental data.
Company operates a pan-India network and provides services in 17,045 postal index number (“PIN”) codes, as of June 30, 2021, covering 88.3% of the 19,300 PIN codes in India as of June 30, 2021
Services provided by the Company:
Express Parcel Service.
Company is the largest and fastest growing 3PL express parcel (and heavy parcel) delivery player in India by volume and revenue as of Fiscal 2021 with a market share of approximately 20% of the overall e-commerce volumes (including captive players) in India.
Company has delivered more than 1 billion shipments since incorporation.
Company shipment volume grew from 148.49 million orders in Fiscal 2019 to 289.20 million orders in Fiscal 2021 on an annual basis, representing a CAGR of 40%.
Company’s customers include e-commerce marketplaces, vertical e-commerce retailers, D2C brands, omni-channel retailers, SMEs, banks and financial institutions.
Heavy goods service.
Company launched the heavy goods service in 2016, comprising the warehousing and delivery of heavy goods, such as large electronic goods, or white goods, furniture and sports equipment.
This service leverages the existing warehousing capabilities, the reach of our express parcel network and the capacity to handle large goods of our PTL freight service.
As a result, company operates the largest network for heavy parcel (large appliances or white goods, appliances, home and furniture and sports equipment) delivery.
In May 2021, company also launched installation and assembly services for consumer durables and furniture.
Company have also launched Delhivery Direct, C2C (customer to customer) shipping service in June 2021, which enables individual consumers to ship parcels from their homes.
PTL Freight Service.
Company launched PTL freight services focused on the B2B express segment in 2016 after achieving significant scale in our express parcel network and establishing a full-fledged surface line-haul network to service its volume.
In Fiscal 2021, we delivered 373,854 tonnes of freight, growing at a CAGR of 75% between Fiscal 2019 and Fiscal 2021.
Delhivery Acquired Spoton:
Company acquired Spoton in August 2021 to further scale the PTL freight services business. Spoton delivered 758,730 tonnes of freight in Fiscal 2021 and had a network presence across 12,639 PIN codes with 2.73 million sq. ft. of infrastructure as of June 30, 2021.
Following the acquisition of Spoton, company became the third largest PTL freight player in India in terms of revenue as of Fiscal 2021, with a market share of approximately 8.3% of the organized PTL market in India.
Together with Spoton, company had over 7,700 Active Customers in the three months ended June 30, 2021 across industries such as consumer durables, auto, lifestyle, fashion, e-commerce, FMCG and retail.
Provides Integrated solutions:
Company provide a full range of logistics services, including express parcel delivery, heavy goods delivery, PTL freight, TL freight, warehousing, supply chain solutions, cross-border express and freight services and supply chain software, along with value added services such as ecommerce return services, payment collection and processing, installation and assembly services and fraud detection.
Since inception, company has collected participant, product, location and network data for over 1 billion orders along with over 30 billion shipment lifecycle events points.
Company has used machine learning extensively to build various capabilities, including intelligent geo-location, network design, route optimisation, load aggregation, ETA prediction, product identification and fraud detection, which enable us to execute operations in an efficient and precise manner.
Company operated 20 fully and semi-automated sortation centres and 86 gateways across India (excluding Spoton) as of June 30, 2021.
Company has a Rated Automated Sort Capacity of 3.17 million shipments per day as of June 30, 2021, which was further enhanced to more than 3.98 million shipments
per day as of September 30, 2021.
Company has automated material handling systems at our gateways in Tauru (Haryana), Bhiwandi (Maharashtra) and Bengaluru (Karnataka).
Company has achieved significant scale and growth, as demonstrated by the below metrics.
KEY OPERATIONAL PERFORMANCE INDICATORS:
(1) Includes permanent employees and contractual workers as of the last day of the period, as well as last mile delivery agents in the last month of the period.
Delhivery Ltd acquired Spoton, an express PTL (part-truckload) freight service provider in India, in August 2021. The following table provides a snapshot of Spoton’s key operational performance indicators as of and for the dates indicated.
- Mr. Deepak Kapoor (Designation: Chairman and Non-Executive Independent Director)
- Mr. Sahil Barua (Designation: Managing Director and Chief Executive Officer)
Objectives of the Issue:
Offer for Sale: (Rs. 1235 cr )
- Each of the Selling Shareholders will be entitled to the proceeds of the Offer for Sale. Company will not receive any proceeds from the Offer for Sale.
Fresh Issue: (Rs. 4000 cr)
- Funding organic growth initiatives.
- Funding inorganic growth through acquisitions and other strategic initiatives.
- General corporate purposes.
Positives for the Company:
Rapid growth, extensive scale and improvement in unit economics.
- Company is the largest integrated and fastest growing fully integrated logistics services player in India by revenue as of Fiscal 2021.
- In Fiscal 2021, company fulfilled over 289.20 million express parcel orders, carried 373,854 tonnes of PTL freight, processed 47.37 million orders through our fulfilment centers and completed more than 46,878 truckload movements.
- Company has achieved this substantial scale in just 10 years since we began operations.
Strong relationships with a diverse customer base.
- Company served a diverse base of 21,342 Active Customers across e-commerce, consumer durables, electronics, lifestyle, FMCG, industrial goods, automotives, healthcare and retail, in the three months ended June 30, 2021.
- As of June 30, 2021, this customer base included most of the key e-commerce players in India and over 675 D2C brands.
Expand into high-growth international markets similar to India.
- In Fiscal 2021, company successfully introduced part of fulfilment and transportation technology stack in Bangladesh and Sri Lanka, in collaboration with local partners.
- Company will continue to expand the presence in other such international markets selectively and through capital-efficient, partnership-driven models.
Financials of the Company:
|(in Crores)||FY 19||FY 20||FY 21||31st Dec 21|
|Issue Opens on||11th May 2022|
|Issue Closes on:.||13th May 2022|
|Issue Price||Rs.462 – 487|
|Retail Category Allocation||10%|
|Minimum Lot||30 Shares|
|Issue Size||Rs.5235 cr ($ 688 million)|
|Market Cap||Rs.35,283 cr ($4.64 billion)|
|Listing at||NSE & BSE|
|Equity Shares Offered (Fresh)||8,21,35,523 (Rs. 4000 cr)|
|Equity Shares Offered (OFS)||2,53,59,342 (Rs. 1235 cr)|
|Equity Shares Offered (Fresh + OFS)||10,74,94,865 (Rs. 5235 cr)|
|Equity Shares Prior to the Issue||64,23,65,827|
|Equity Shares after the issue||72,45,01,350|
|Finalization of Basis of Allotment||on or Before 19th May 2022|
|Initiation of Refunds||on or Before 20th May 2022|
|Credit of Equity Shares:||on or Before 23rd May 2022|
|Listing Date:||on or Before 24th May 2022|
IPO Valuation Parameters:
|Earnings Per Share (EPS)||Price To Earnings ratio (PE)||Return on Net Worth (RoNW)||Net Asset Value (NAV)|
|Check IPO Allotment Status:|
Link InTime : https://linkintime.co.in/PublicIssue/
BSE IPO Website: https://www.bseindia.com/IPO/Allotment
|Company Contact Info:|
Air Cargo Logistics Centre-II
Opposite Gate 6 Cargo Terminal
Indira Gandhi International Airport
New Delhi 110037 Delhi, India.
Tel: +91 124 6225602
|IPO Registrar Info:|
|Link Intime India Private Limited
C 101, 247 Park, L.B.S. Marg
Tel: +91 22 4918 6200