The shares of Delhivery fell to an all-time low of 317 Indian rupees on Wednesday, falling below the valuation of private investors that it raised in 2021.
The shares of the firm, which went public in May this year, went as low as 317 Indian rupee, considerably below its issue price of 487. CA Swift Investments sold its stake in Delhivery for $74.2 million. There is downward pressure on shares.
Delhivery has a market cap of just over $3 billion at the moment. It was 3 billion dollars in a round led by Fidelity. The firm has raised over two billion dollars.
Delhivery is a fully-integrated logistics company that serves customers in over 18,000 zip codes. The backers include SoftBank Vision Fund, Tiger Global, Carlyle Group, GIC, and the UK's Baillie Gifford.
According to the startup, its supply chain service and truckload business volume had shrunk.
The company assured investors that it has made sufficient capacity investments in FY22 and early FY23 to sustain our current rate of growth.
Delhivery is one of a number of Indian tech companies that have listed in the past year. The other startups are trading at a lower price than their IPO prices. A day after hitting an all-time low, the company's market cap was cut in half to $3.6 billion. Policybazaar's issue price was 980, but it fell to as low as 391 Indian rupee.
The S&P 500 index is down 16.5%) and China's CSI 300 is down 23.27%), but India's Sensex is up 4.11% this year.
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