Japanese tech conglomerate SoftBank sold 2.8 crore Delhivery shares worth INR 954.2 crore in multiple block deals on the open market on Wednesday (March 1).
SoftBank sold a 2.84% stake in the logistics startups to SVF Doorbell (Cayman) Ltd, its investment arm. SoftBank’s SVF Doorbell (Cayman) Ltd held a total stake of 18.42%, or 13.4 Cr shares, in Delhivery as of December 2022. It was the company’s largest shareholder. SoftBank was reported to be selling a stake in Delhivery worth approximately INR 600 crore in block deals yesterday. For the VC behemoth, which is already struggling with its portfolio of Indian companies – both listed and unlisted ones – the stake sale at Delhivery looks like a prompt and timely act, given that shares of Delhivery have surged over 14% over the last one month.