As logistics bigwig, Delhivery moves ahead towards an IPO, two of the firm’s co-founders have stepped down from their roles at the firm. As reported by a leading daily, Bhavesh Manglani and Mohit Tandon have 'stepped aside' from day-to-day operations. The two have also been 'reclassified' as 'retiring/non-active promoters' for their stake in Delhivery.

Founded in 2011, Delhivery is a supply chain services company that provides transportation, warehousing, freight, and order fulfillment services. The firm was co-founded by Kapil Bharti, Sahil Barua, Suraj Sharam along with Manglani and Tandon. The five co-founders together own about 10 percent of the stakes at the firm.

It was also reported that the new-age logistics firm is on the road to raise a pre-IPO round at a valuation of around $3 billion.

Manglani and Tandon’s exit from Delhivery was discussed and the proposal accepted at Delhivery's board earlier this year. It is being said that the decision was influenced by the fact that promoters would have a lock-in period before they can sell their shares after an IPO. The daily reported that both Manglani and Tandon may consider selling their shares during Delhivery'simpending IPO in 2021 or 2022.

In a post dated March 17, Manglani wrote on Medium, “I have been wanting to pursue a few personal goals for a while now and the time seems apt, with able & seasoned leadership across levels, robust systems in place, strong set of investors, a very credible board and marquee clients across business verticals championing Delhivery’s journey.”