Home » Delhivery appoints three new independent directors to board ahead of IPO

Delhivery appoints three new independent directors to board ahead of IPO

Delhivery appoints three new independent directors to board ahead of IPO

Mumbai: Logistics startup Delhivery has appointed three new independent directors to its board and elevated an existing one to the post of chairman ahead of its initial public offering (IPO).

The three new independent directors are:

  • Kalpana Morparia: Former chairperson of JPMorgan South and Southeast Asia, and the former CEO of JP Morgan India.
  • Romesh Sobti: A career banker who last served as the managing director and CEO of from 2008 to 2020.
  • Saugata Gupta: Current managing director and chief executive officer of Marico Ltd.

The company now has five independent directors, including Bain & Co. partner Sri Rajan, and former PwC India head Deepak Kapoor, who has been appointed as the chairman of the board. Delhivery is in discussions to add another woman independent director to the board.

The appointments come a week after Delhivery turned into a public company ahead of the filing of its draft IPO papers with the Securities and Exchange Board of India (Sebi) — a mandatory requirement for companies looking to list on the Indian stock exchanges.

Delhivery Private Ltd is now Delhivery Ltd., documents sourced by Tofler showed.

IPO Plans

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The Gurugram-based firm is looking to raise close to $1 billion in the IPO at a valuation of $5.5-6 billion and aims to list before the end of the current fiscal. It has issued bonus shares to its shareholders, realigned its capitalisation table and announced ESOPs to employees, as ET reported earlier.

Last month, the company said Lee Fixel, a former partner at New York-based investment firm Tiger Global, has invested a total of $125 million through his fund Addition. In August, it secured $100 million in strategic capital from FedEx Express. Earlier in June, the 10-year-old company said it had raised $275 million from investors led by GIC and Fidelity.

Founded by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati, Delhivery is an end-to-end logistics and supply chain services company. It has fulfilled over a billion shipments with over 17,000 customers, including large and small ecommerce participants, SMEs and other enterprises. The company counts Tiger Global, Times Internet, CPPIB and Nexus Venture Partners among its shareholders.

Times Internet, part of the Times Group, is the publisher of The Economic Times website.

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