Two of the five co-founders of Delhivery exit ahead of IPO plans: Report
Two of the five co-founders of Delhivery exit ahead of IPO plans: Report

Two of the five co-founders of Delhivery — Bhavesh Manglani and Mohit Tandon — has exited the company. This news comes at a time when the company is planning to raise funds through capital market.

According to TOI report, Manglani and Tandon have ‘stepped aside’ from daily operations and are reclassified as 'retiring/non-active promoters'. This move was made after the founders realised that there is a lock-in period for the promoters before they can sell their share post listing.

These co-founders that have stepped down may plan to sell their shares during Delhivery's proposed IPO in 2021 or 2022.

The company spokesperson confirmed the news to the publication.

Other co-founders of the logistics company are Sahil Barua, Kapil Bharati and Suraj Saharan. All the five founders together hold under 10 per cent stake in the firm.

The company was founded in 2011. Today, it claims that over 850 million orders to more than 300 million households across India have fulfilled by their team. In its website, the company stated 24 automated sort centers, 85+ fulfilment centers, 70 hubs, 3,000+ direct delivery centers, 7,500+ partner centers, 15,000+ vehicles and 40,000+ team members make it possible to deliver a million packages.

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