Supply Chain · Profile from Supply Chain Research Companion
Delhivery
India's largest independent e-commerce logistics company, founded in Gurgaon (now Gurugram) in 2011 by five young engineers and consultants, which built — with money from a roster of US and global investors (Tiger Global, Carlyle, SoftBank's Vision Fund, FedEx, Fidelity and others, reported) — a national network of sortation hubs, gateways, trucks and last-mile centres to carry parcels for marketplaces and direct-to-consumer brands that did not want to build their own. It added part-truckload (PTL) freight by buying Spoton (2021), took over FedEx's domestic India business in exchange for FedEx's investment (2020, reported, verify), listed on India's exchanges in May 2022 at ₹487 a share (~₹5,235 crore raised, reported) and then watched its shares fall as losses continued, before reporting its first full year of profit for fiscal 2025 (year to March 2025, reported, verify). In July 2025 it completed the purchase of its rival Ecom Express for ~₹1,369–1,407 crore in cash — about a fifth of Ecom's last private valuation (reported). Its supply-chain story turns on density as a shared utility: a carrier serving many shippers can fill routes no single seller could — unless its largest customers decide to build their own network.
At a glance
- Founded
- 2011, Gurgaon, Haryana, by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati (reported); began as a hyperlocal delivery service for restaurants and shops, then pivoted to e-commerce parcels (reported)
- Headquarters
- Gurugram, Haryana, India
- Ownership / structure
- Listed on the National Stock Exchange and BSE (DELHIVERY) since 24 May 2022. No controlling shareholder; pre-IPO holders included SoftBank Vision Fund (largest, reported ~18–22%, verify), Carlyle, Nexus Venture Partners, Tiger Global, Times Internet, Fosun, Steadview, FedEx and others (DRHP, reported, verify current holdings)
- Leadership (2026)
- Sahil Barua, co-founder, managing director and CEO; Kapil Bharati, co-founder and CTO; Amit Agarwal, CFO (reported, verify)
- Segments / services
- Express parcel (B2C e-commerce); part-truckload (PTL) freight; truckload (full-truckload brokerage); supply-chain services (warehousing, fulfilment); cross-border; software and data services (reported)
- Scale
- FY2026 (to 31 Mar 2026): express parcel shipments ~1,054m; transport revenue (express + PTL) ~₹8,939 crore (+24%, reported, verify basis); consolidated PAT ~₹153 crore and free cash flow positive (single secondary source, verify). Q2 FY2027 (Jul–Sep 2026): revenue from services ~₹3,066 crore (+19.8%), PAT ~₹40.6 crore (loss ~₹50.5 crore a year earlier), adjusted EBITDA ~₹123 crore, express shipments ~325m (+32.1%), PTL ~5.45 lakh tonnes (+14.2%) (company results via Inc42, Free Press Journal, Maritime Gateway, reported)
- Network
- National hub-and-spoke network of mechanised sortation hubs and gateways, PTL freight terminals, a large truck fleet (mostly third-party trucks on contract, reported) and last-mile delivery centres covering ~18,000+ of India's ~19,000 PIN codes (company claim, verify)
- Signature moves (incl. failures)
- Founding and the e-commerce pivot (2011); SoftBank-led round and unicorn status (2019); FedEx investment and India business transfer (2020); Spoton and PTL (2021); IPO and post-listing share fall (2022, failure); Meesho's insourcing and the volume shock (2023–25, failure); the path to profit (2023–25); Ecom Express acquisition (2025)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2011
Founding and the E commerce Pivot
Founding; strategy pivot (from hyperlocal delivery to national e-commerce parcels)
2019
SoftBank Round and Unicorn Status
Financing (Series F growth round)
2020
FedEx Investment and India Business Transfer
Customer or carrier contract (commercial alliance and business transfer); financing (strategic minority investment)
2021
Spoton Acquisition and Part Truckload
Acquisition (B2B part-truckload carrier)
2022
IPO and Post Listing Share Fall
Spin-off or IPO (initial public offering on NSE and BSE); failure in the market afterwards
2023
Meesho Insourcing and the Volume Shock
Customer or carrier contract — loss of a large customer's volume to insourcing (failure)
2024
Path to Profit
Restructuring (cost and network efficiency); pricing or service change (pricing discipline)
2025
Ecom Express Acquisition
Acquisition (distressed consolidation of the largest independent rival)