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Indian logistics house Delhivery has in public contested the accuracy of the metrics presented by competitor Ecom Express in its draught initial public offering course catalog , a rare confrontation in the steer - up to the latter ’s market launching .
Delhivery , back by SoftBank and already publicly listed , claims Ecom Express has inaccurately represented Delhivery ’s business organization metric when drawing comparisons in its IPO filing .
The442 - Thomas Nelson Page draft prospectus(PDF ) render by Ecom Express last month said the startup had shipped 514.41 million packages in the fiscal year ended March 2024 , while Delhivery handled 740 million during the same period .
Delhiveryallegedin a filing to the stock exchanges on Friday that this comparison was flawed , swan that what it look at a single freight is counted as two by its rival , intimate that Ecom Express ’ volume figures are potentially inflated . Delhivery allege that its rival counts returned orders as two load .
Delhivery also call out Ecom Express ’ cost per cargo ( CPS ) calculations , cite disparity in accounting system method and aver inflated shipment shape .
The SoftBank - backed house also pointed out that Ecom Express ’ claim that it offer its services in 27,000 ZIP code code is n’t accurate , as India has fewer than 19,500 singular ZIP computer code .
This public dispute comes less than a month after Ecom Express , which counts Warburg Pincus , Partners Group and British International Investment among its backer , filed for an IPO , aiming to raise $ 310 million .
Delhivery has also call into question Ecom Express ’ presentation of service Earnings Before Interest Taxes Depreciation and Amortization and corporate cost , summons a lack of ordered definition for these system of measurement in the prospectus .
Ecom Express did n’t like a shot answer to a petition for comment .
