Tiger Global, a venture capital (VC) firm, has sold a 1.6 per cent stake in logistics firm Delhivery in a bulk deal, making a gain of Rs 337.8 crore. The Internet Fund III sold 1.17 crore shares at Rs 330 each on the open market, a premium of almost 0.6 per cent on the previous day's closing price. It is unclear who bought the shares.
Two months ago, the same fund sold 1.2 crore Delhivery shares for Rs 414.2 crore and in March it sold a 0.75 per cent stake worth Rs 177 crore. At the end of December 2022, Tiger Global held a 4.68 per cent stake in the company, but this was reduced to 1.7 per cent in February, then 0.75 per cent, and it now likely has just 0.63 per cent.
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The latest share sale came soon after the end of Delhivery's last quarter of the 2022-23 financial year. It is not clear why Tiger Global sold its stake in the company, but it follows a pattern of investors offloading shares in Indian tech companies over concerns about profitability and losses.
Many pre-IPO investors in Zomato, Paytm and PolicyBazaar abandoned those firms as their share prices fell amid global macroeconomic pressures and investor caution. Delhivery listed last year during turbulent market conditions and has seen several of its pre-IPO investors depart.
Tiger Global has been reducing its stake in several Indian start-ups, including PB Fintech, which it exited after the expiration of the insure-tech start-up's lock-in period. However, the VC firm has faced regulatory obstacles and surging losses among its portfolio companies.
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BharatPe, which has had public disagreements between its board of directors and cofounders and GoMechanic, which was recently accused of financial fraud, have also caused difficulties for Tiger Global in India.
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