New Delhi, April 5, 2025 – In one of the biggest power plays the Indian logistics industry has seen in recent years, Delhivery Ltd. has announced its decision to acquire rival logistics player Ecom Express Ltd. in a massive ₹1,407 crore all-cash deal.
With this bold move, Delhivery is not just expanding its footprint—it’s redrawing the map of India’s logistics ecosystem.
📦 What’s the Deal?
Delhivery will acquire 99.4% of Ecom Express’s equity on a fully diluted basis, turning the once formidable competitor into a full subsidiary. The acquisition, greenlit by Delhivery’s board, will be wrapped up in the next six months—pending regulatory nods, including clearance from the Competition Commission of India (CCI).
The acquisition comes at a steep discount: Ecom Express, once valued at over ₹7,000 crore, is now being picked up for just under ₹1,407 crore—a 78% drop from its peak valuation.
📉 From Unicorn Aspirations to Acquisition
Ecom Express, founded in 2012 and backed by global investment giants Warburg Pincus, Partners Group, and British International Investment, was once eyeing the IPO route. But over the last year, financial headwinds, cost pressures, and a volatile funding environment forced the company to lay off over 500 employees and shelve its public listing plans.
In FY24, Ecom Express posted revenues of ₹2,609 crore with losses narrowing to ₹256 crore—still a far cry from profitability.
With this acquisition, all major investors in Ecom Express will fully exit, bringing a definitive end to its solo journey.
🚀 Delhivery’s Big Bet on Scale and Speed
For Delhivery, this isn’t just about market share—it’s about logistics domination.
Sahil Barua, MD & CEO of Delhivery, said it best:
“The Indian economy demands continuous improvements in logistics cost-efficiency, speed, and reach. This acquisition gives us the firepower to serve customers of both companies better—through investments in infrastructure, tech, and talent.”
Delhivery had a war chest of ₹5,488 crore in cash and cash equivalents as of September 2024, making it more than capable of executing this aggressive growth strategy.
⏱️ The Road Ahead: Fast Commerce, Faster Growth
Delhivery’s newly launched rapid commerce vertical, which promises sub-2-hour delivery for D2C brands, is already making waves—and is projected to rake in ₹100 crore in FY26. With Ecom Express in its corner, Delhivery can now turbocharge this segment by leveraging deeper networks and last-mile muscle.
🧠 Industry Speaks: “Game-Changing. Value-Creative. Bold.”
Analysts are calling this a value-accretive deal that could mark the beginning of a wave of consolidation in India’s $300 billion logistics and supply chain space. With two major players now under one roof, the competition will have to rethink, retool, or risk being left behind.
Bottom Line:
Delhivery isn’t just moving packages—it’s moving the entire logistics industry into its next phase. With this acquisition, it has sent a clear message: India’s logistics future will be built by those who dare to deliver big.
