SoftBank sells 3.85% Delhivery stake for US$129.6M, joining Tiger Global in exit
What's the deal? SoftBankDealroom has a profile for this one. Try Dealroom → has offloaded a 3.85% stake in Indian logistics firm Delhivery through a bulk deal worth US$129.6M. The sale, conducted via its vehicle SvfDealroom has a profile for this one. Try Dealroom → Doorbell (Cayman) Ltd, involved roughly 2.8 crore shares priced at US$4.63 apiece — well below the IPO issue price of US$6.61.
As of December, SoftBank held 18.42% of Delhivery, making it the single largest public shareholder. It had acquired more than 22% before the company's May 2025 IPO.
SoftBank isn't alone. Tiger Global has been steadily trimming its position too — selling a 1.7% stake for US$56.2M, followed by a 0.75% sale, and then a 1.6% bulk deal worth roughly US$52.7M. Tiger's holding has dropped from 4.68% at December-end to an estimated 0.63%.
Why now? Delhivery listed just over a year ago, and IPO lock-up periods for early investors have long since expired. Both SoftBank and Tiger Global have been reducing exposure to Indian tech companies amid concerns about profitability timelines and sustained losses.
The sales fit a broader pattern of foreign venture investors trimming positions in Indian startups that have gone public.
What could go wrong? Large-block sales by marquee shareholders can create an overhang — the expectation of continued selling that weighs on stock sentiment and price. Delhivery shares are already trading roughly 30% below their IPO price.
Buyer identities in the bulk deals were not disclosed in exchange filings, which limits visibility into who is absorbing the supply. If no strong institutional anchor emerges, further sell-downs could pressure the stock.
That said, the market showed resilience on the day of SoftBank's sale: Delhivery closed 1.23% higher at US$4.73, above the bulk deal price.
The signal: Delhivery, classified as a late-growth stage supply chain services company on Dealroom, is watching its two highest-profile backers race for the exit — corporate investor SoftBank selling at a ~30% discount to IPO price, while investment fund Tiger Global has unwound nearly its entire 5.23% IPO-era holding to under 1%. The pattern mirrors a broader pullback by global growth-stage investors from Indian tech listings, suggesting the capital that fuelled India's logistics startup boom is now being redeployed, and that public-market valuations have yet to offer these backers the returns they underwrote at entry.
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