In the March Quarter, Delhivery is weighing a valuation of $4 billion for its proposed public listing, said two people with direct knowledge of the matter. It was resulting in an increase of about $3 billion at which the company was valued last week in its latest fundraising round, underscoring the strong fillip to the logistics tech startup’s business during the pandemic.

Delhivery is likely to sell a 10-15 per cent stake for $ 500-600 million through the planned initial public offering (IPO), the people cited above said, requesting anonymity. They said the company could file its draft prospectus with the Securities and Exchange Board of India (Sebi) either in July or August for the share sale.

Delhivery, which is heavily reliant on technology, unlike traditional shippers, is gaining from a surge in demand during the pandemic that has restricted human movement and involvement of middlemen in the logistics business.

The company earns as much as 65-70 per cent of its revenue from e-commerce firms. “Delhivery’s valuation could go up by at least 25-30 per cent till the time of the IPO launch since the company’s revenue is steadily rising and the books are flush with cash,” one of the two people cited above said.