The problem
As Indian e-commerce exploded past the metros, sellers faced a patchwork of regional transporters: no guaranteed timelines, no real tracking, nowhere to store inventory near demand, and no system for taking goods back.
How it works
Delhivery, founded in 2011 in Gurugram by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati, began as hyperlocal delivery and pivoted to e-commerce logistics. Today it runs express parcels, full- and part-truckload freight, cross-border logistics, warehousing and fulfillment, and reverse logistics on one AI-optimised network, and it acquired Spoton Logistics in 2021 to deepen B2B freight.
Pain points
Late or lost non-metro parcels, separate vendors per transport mode, stockouts from distant warehouses, and returns that vanish into manual processes.
Business model
Per-shipment and per-kilo transport revenue plus warehousing, fulfillment, and cross-border fees — with the Rs 1,407-crore Ecom Express acquisition aimed at shifting rival volumes onto Delhivery’s lower-cost automated network.
Challenges
Fuel prices, infrastructure gaps, and regulatory complexity squeeze margins across the industry, while the Ecom Express integration carries one-time costs (Rs 90 crore in Q2 FY26 alone) and a loss-making volume book that must be turned around.
Funding
- Listed: IPO in May 2022 on the BSE and NSE (company profile).
- M&A: acquired Spoton Logistics (2021) for B2B freight; CCI cleared the Rs 1,407-crore majority acquisition of Ecom Express in June 2025 (Mint).
- Valuation: MISSING.
Latest — November 2025
Q2 FY26 operating revenue grew 17% year-on-year to Rs 2,559 crore, but Ecom Express integration costs pushed a Rs 50.4 crore net loss; excluding those costs Delhivery would have posted Rs 59 crore profit, up from Rs 10 crore a year earlier (YourStory, Nov 2025).