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BOMBSHELL: Delhivery Exposes Ecom Express’ IPO Scam
In a shocking move, Indian logistics firm Delhivery has accused rival Ecom Express of cooking the books in its draft initial public offering (IPO) prospectus. The scathing attack comes just weeks before Ecom Express’ highly anticipated market debut, which could raise a whopping $310 million.
Ecom Express’ Metrics Exposed as Fabrications
Delhivery, backed by SoftBank, claims that Ecom Express has misrepresented its business metrics, including package shipment volumes and cost per shipment (CPS) calculations. The company alleges that Ecom Express is counting returned orders as separate shipments, artificially inflating its numbers. Delhivery also accuses Ecom Express of using different accounting methods, making it impossible to compare the two companies’ financials.
Ecom Express’ Zip Code Claims Debunked
But that’s not all. Delhivery has also called out Ecom Express’ claim that it offers services in 27,000 zip codes, a number that’s been exposed as a gross exaggeration. In reality, India has fewer than 19,500 unique zip codes. This blatant misrepresentation has raised serious questions about Ecom Express’ credibility.
Service EBITDA and Corporate Costs: A Web of Deception
Delhivery has also questioned Ecom Express’ presentation of service EBITDA and corporate costs, citing a lack of consistent definitions for these metrics in the prospectus. This lack of transparency has led to concerns about Ecom Express’ financial health and the potential for future financial shocks.
Ecom Express’ Response: Crickets
When asked for comment, Ecom Express remained mum, leaving investors to wonder what the company is hiding. Will Ecom Express’ IPO go ahead as planned, or will the controversy surrounding its draft prospectus force a delay? Only time will tell.
The Battle for Indian Logistics Supremacy
This public dispute between Delhivery and Ecom Express marks a turning point in the Indian logistics industry. As the two companies prepare for a showdown in the market, investors are left to pick up the pieces and wonder which company will emerge victorious. One thing is certain: the truth about Ecom Express’ IPO will eventually come to light, and it won’t be pretty.
