Delhivery's two co-founders exit logistics unicorn ahead of IPO

Two co-founders of logistics company Delhivery, which is preparing for its initial public offering (IPO), have exited the company.

Bhavesh Manglani and Mohit Tandon, two of the five co-founders of the logistics unicorn, have stepped aside from day-to-day operations of Delhivery and have been reclassified as non-active promoters for their stake in the company.

"Both of them have left the firm and one of them might start up again," a source told The Times of India. They may also consider selling their shares during the company's IPO, expected in 2021 or 2022.

"After 10 years of building Delhivery, two of the five co-founders have decided to move on to pursue other interests," a spokesperson of Delhivery told the publication, confirming the development.

Since its inception in 2011, Delhivery has successfully fulfilled over 850 million orders. It has 24 automated sort centres, over 85 fulfilment centres, 70 hubs, over 3,000 direct delivery centres, more than 7,500 partner centres and over 15,000 vehicles.

Also read: Softbank-backed logistics firm Delhivery to expand its trucking fleet