Two of the five co-founders of Delhivery have exited the logistics company as it prepares for an initial public offering (IPO).
Bhavesh Manglani and Mohit Tandon have "stepped aside" from daily operations and are reclassified as 'retiring/non-active promoters' according to a Times of India report.
The reclassification was done since promoters have a lock-in period before they can sell their shares after a listing. Manglani and Tandon might plan to sell their shares during Delhivery's proposed IPO 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 for the company told the paper.
Moneycontrol could not independently verify the story.
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"Both of them have left the firm and one of them might start up again," a source told the publication.
Manglani, Tandon, Sahil Barua, Kapil Bharati and Suraj Saharan founded Delhivery in 2011. They hold a combined stake of under 10 percent in the company.
SoftBank, Tiger Global, Carlyle and Canada's pension fund are some of the investors of the company.
Other internet startups that are working on IPOs include food-delivery firm Zomato, cosmetics brand and retailer Nykaa, and insurance marketplace Policybazaar.