JANUARY 18, 2018Article Originally Posted By: www.vccircle.com
E-commerce logistics firm Delhivery Pvt. Ltd has appointed Hanne Birgitte Sorensen and Deepak Kapoor – former executives of Maersk and PricewaterhouseCoopers respectively – as additional directors on its board, a person privy to the development told VCCircle.
While Sorensen was formally appointed last month, the move to bring Kapoor aboard was formalised in November, according to the above-mentioned person.
Email queries sent to the company and chief executive officer Sahil Barua did not elicit a response at the time of publishing this report.
Sorensen previously served as chief executive officer at Damco International, the freight forwarding arm of Danish conglomerate Maersk. A Danish citizen, she has spent a large chunk of her career with Maersk.
She once served as the chief financial officer of Maersk’s India operations. Sorensen also serves on the boards of cement major Lafarge-Holcim and Tata Motors, according to information available on her Linkedin account.
Kapoor was formerly chairman and managing director at audit and consulting firm PricewaterhouseCoopers Pvt. Ltd. He spent his entire career with PwC India after joining as a trainee in 1978. Kapoor left the firm in December 2016, according to information on his LinkedIn account.
The latest appointments mean that four new members have joined Delhivery&s board in as many months.
Last November, Anjali Bansal, former senior adviser and managing director at TPG Growth – the growth equity investment platform of private equity firm TPG – had joined the board.
In September, Fosun Capital Investment & Management Co. Ltd chairman William Tang joined Delhivery&s board after the China-headquartered company had invested $30 million (then Rs 200 crore).
Delhivery is one of India&s most well-funded logistics startups, having raised more than $250 million overall from investors including Fosun, Tiger Global, Carlyle Group, Nexus Venture Partners, Multiples Equity and Times Internet.
The company was founded in 2011 by Barua, Mohit Tandon, Suraj Saharan, Bhavesh Manglani and Kapil Bharati. It has grown from an on-demand delivery firm to a full-fledged logistics services provider.
Delhivery currently delivers parcels, freight and fulfills multi-channel orders. It also handles reverse logistics and channel management and integration.
The company counts 2,500 Indian e-commerce firms, 1 lakh small businesses, and 150 enterprise clients among its clients. It reaches more than 9,000 pin codes in India.
Delhivery recorded a 50% rise in net revenue to Rs 743.7 crore for the financial year 2016-17, up from Rs 495.7 crore the previous fiscal, according to VCCircle&s data research arm VCCEdge.
The company&s gross expenditure rose to Rs 945.8 crore in 2016-17 from Rs 798.3 crore the previous financial year. Net losses narrowed to Rs 256.1 crore from Rs 318.4 crore the previous year.