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

There are three new independent directors:

• Kalpana Morparia: former president of J. P. Morgan South and Southeast Asia, and former CEO of JP Morgan India.
• Romesh Sobti: A career banker who last served as Managing Director and CEO from 2008 to 2020.
• Saugata Gupta: Present Managing Director and Chief Executive Officer of Marico Limited.

The company now has five independent directors, including Bain & Company partners. Mr Rajni, and former Head of PwC India Deepak Kapoor, who has been appointed as the Chairman of the Board. Delhivery is in discussion to add one more woman independent director to the board. The appointments come a week after Delhi
turned into a public company A mandatory requirement for companies to be listed on Indian stock exchanges – before filing their draft IPO papers with the Securities and Exchange Board of India (SEBI).

Delhivery Private Limited is now Delhivery Limited, as per documents obtained by Toffler.

IPO Schemes

Gurugram based firm
looking to increase The IPO at a valuation of $5.5-6 billion has a target of around $1 billion and is targeted to be listed before the end of the current fiscal. this is
issued Bonus shares to its shareholders, restructured its capitalization table and announced ESOPs for employees, ET had earlier reported.

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

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ETtech IPO Watch: A Decade of Delhi

Founded by Sahil Barua, Mohit Tandon, Bhavesh Mangalani, Suraj Saharan and Kapil Bharti, Delhivery is an end-to-end logistics and supply chain services company. It has handled 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.

Earlier this year, Manglani and Tandon decided to “step away” from the day-to-day operations of the startup. He has been “reclassified” as a “retired/non-active promoter” for his stake in Delhivery.

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