Canada Pension Plan Investment Board to Exit Delhivery As It Offloads Remaining 3.18% Stake

Following the series of large share sell-offs, CPPIB (Canada Pension Plan Investment Board) is going to completely sell its residual shareholding in Delhivery

[{"selector":"#anim-14282fde-d5c1-4556-b773-2a7743151800","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ab7dcf8d-5d59-4204-a5d2-dc03fa04dbfb","keyframes":{"transform":["translate3d(0px, 119.20713%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-273dc8f6-c79d-4218-9fcd-934913c430c4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-7.53937265121926%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

CPPIB initially invested in Delhivery in September 2019 where it bought 8% of its stake at $115 million.

[{"selector":"#anim-a0639d3a-b9c7-4274-9cc6-688a47758845","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2f500db2-c06e-4dd4-aa0d-b6c6a36c44e7","keyframes":{"transform":["translate3d(0px, 219.66569%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ac089ac4-20f6-472b-8356-0b496b2b3b0f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-22.423986804763516%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

India’s Gurugram-based Delhivery grew rapidly to become one of the significant logistics outfits across the country and providing all-India supply chain solutions.

[{"selector":"#anim-f133a878-e81c-4a9c-bee2-4ee2b790d219 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(20.713682726434094%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-dc7270dd-75d0-42ee-a167-ba6bdf8f9ca1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-25d64648-c4af-4603-acd2-92bd1027a005","keyframes":{"transform":["translate3d(0px, 151.59195%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

It sold 20.45 million shares at an average selling price of ₹ 444.30 apiece in April 2024, amounting to 2.8 per cent in Delhivery.

[{"selector":"#anim-00f78b6c-665a-43f6-bcbc-585631f8061c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(1.3252959797917114%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-6fd7fcbc-d86d-4a90-b671-08446c82cf65","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-de090891-520c-4ddd-a2bc-fa1c19ea0bed","keyframes":{"transform":["translate3d(0px, 181.27426%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The decision to divest comes as global investors are reassessing their holdings in Indian startups more broadly.

[{"selector":"#anim-92f61b67-4298-4eec-9b54-8307f1d2d086 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-50.32958990546684%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"fill":"forwards"}] [{"selector":"#anim-d13cefba-3e27-4f95-a0bd-843aee5e7ac7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5f0f2a16-f1fd-46bb-9bdd-5b0c051248e5","keyframes":{"transform":["translate3d(0px, 229.40017%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Delhivery is able to draw the continuous interest of global investors; this goes on to prove its operational model and growth potential in India’s logistics sector.

[{"selector":"#anim-e664037e-3938-4fab-9983-ac7dab3f5f22 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-33.49299605632559%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"fill":"forwards"}] [{"selector":"#anim-dd385f97-ecee-46fa-9f2c-4ffb12ee9a33","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-605b756b-c2df-4337-a26d-1197d7495335","keyframes":{"transform":["translate3d(0px, 151.59195%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]