Delhivery on Saturday announced that its board has approved the proposal for acquiring an additional 4.75 per cent equity share capital of Falcon Autotech Pvt Ltd, for a total consideration of approximately Rs 52 crore. Post this acquisition, Delivery will have a total shareholding of 39.33 per cent in Falcon Autotech.
“The Board of Directors of the Company in its meeting held on November 04, 2023 have considered and approved the proposal to acquire additional 4.75 per cent equity share capital of Falcon Autotech Private Limited (an Associate Company of Delhivery Ltd.) from its promoters and executives at a total consideration of Rs 52 crore (approx),” it said in a regulatory filing. The deal will be completed by December 31, 2023.
Falcon Autotech is a warehouse automation startup with authorized share capital of Rs 2 crore and net worth of Rs 197.56 crore as at March 31, 2023. The company had recorded a turnover of Rs 280.70 crore during FY23.
The acquisition is aimed at significantly shortening the project timelines, offering bespoke designs and workflows custom built for Delhivery’s requirements, giving early access to new technologies and features, and single integrator for automation, Mezzanine, TBCs leading to simplified project management and service support, said Delhivery.
Delhivery also released its fiscal second quarter earnings today. It recorded a net loss of Rs 102.94 crore during the second quarter of FY24, posting a decline of 59.5 per cent from Rs 254.11 crore during the same period last year. The company posted revenue from operations at Rs 1941.75 crore, up 8.1 per cent in comparison to Rs 1796.10 crore during the second quarter of FY23.