Softbank and Carlyle Group get CCI nod to acquire stake in Delhivery

Indian logistics startup Delhivery has been in conversation with Softbank to pick up funds from its $100 billion vision fund for quite a while now.

The Masayoshi Son led massive vision fund itself has been looking to pick up stake in the company and had approached Competition Commission of India to seek approval for the same at the beginning of this year.

The Japanese conglomerate in the filing had requested for 37.87 per cent stake. The proposed process was divided into two parts whereby after initial completion of acquisition of 22.44 per cent stake, price and terms for the potential subsequent acquisition of the rest 15.43 per cent would be negotiated and agreed upon.

CCI has finally announced the approval for the initial acquisition of 22.44 per cent stake in Delhivery by Softbank Vision Fund’s holding company SVF Doorbell (Cayman) Ltd.

@CCI_India approves acquisition of 22.44% of the total share capital of Delhivery Pvt. Ltd. (on fully diluted basis) by SVF Doorbell (Cayman) Ltd

— CCI (@CCI_India) February 27, 2019

At the same time Carlyle Group, an existing investor in Delhivery had also sought approval to reinvest in the firm. CCI also gave the final nod to Carlyle Group to invest via its Mauritius arm CA Swift Investments.

Till date, Delhivery has raised $260 million risk capital from Carlyle Group, Fosun International, Tiger Global Management, Times Internet and others.

In October last year, media reports suggested that Delhivery was looking to raise anywhere between $250-450 million after it dropped the plans to go for an Initial Public Offering (IPO).