Delhivery falls to all-time low after muted progress report • TechCrunch

Shares of Delhivery have dropped by over 32% since Thursday, tumbling under its problem value from Could, after the Indian logistics agency posted muted quarterly enterprise progress this week.

Delhivery mentioned this week that its provide chain service and truckload enterprise volumes had shrunk within the quarter ending September. Shares of Delhivery plunged on the information, dropping from 562 Indian rupees ($6.8) apiece to as little as 382 Indian rupees ($4.62) earlier than slight restoration. Delhivery’s problem value was 487 Indian rupees, whereas its shares rose to report excessive of 708.45 Indian rupees in July.

The tumble has pushed the market cap of Delhivery to under $3.4 billion, solely barely above the $3.2 billion valuation that it assumed within the pre-IPO financing spherical and under the $4.2 billion valuation within the secondary transaction amongst its buyers a yr in the past.

The lock-in interval for its pre-IPO shareholders lifts on November 10, which can see extra voluminous promoting. The corporate counts SoftBank, Tiger International, Occasions Web, The Carlyle Group, Steadview Capital and Addition amongst its backers.

Delhivery has assured buyers that it’s on the trail to restoration. The corporate mentioned it has made “ample capability investments in FY22 and early FY23 to maintain our present fee of progress and anticipate new mega-gateway and sorter choices solely by early FY24.”

“As inflationary pressures and repair disruptions resulting from monsoon ease throughout the nation we anticipate enchancment in volumes, income and repair margins going ahead,” it mentioned in its quarterly report revealed on the native inventory exchanges.

Friday caps a tough week for Indian startups which have gone public prior to now yr and a half. Nykaa, a style e-commerce market, which has to this point carried out the most effective among the many tech startups, is buying and selling solely barely above its problem value. Shares of on-line insurer Policybazaar, whose lock-in interval for pre-IPO buyers additionally lifts subsequent month, have misplaced over 60% in worth from the difficulty value.