Delhivery Limited stands as India's largest and fastest-growing fully integrated logistics company by revenue in FY24, transforming the country's logistics landscape through innovative technology and comprehensive service offerings. Founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati, the company is headquartered in Gurgaon and has evolved from a hyperlocal delivery service to become a logistics powerhouse serving businesses across India and internationally.
Originally established as SSN Logistics Ltd in May 2011, Delhivery initially focused on hyperlocal express delivery for offline stores in Gurgaon. The company pivoted to e-commerce logistics after signing its first client, Urban Touch, in June 2011, and by August 2011 had completely switched to offering logistics services to e-commerce companies. This strategic shift positioned Delhivery perfectly to capitalize on India's rapidly expanding e-commerce market.
Delhivery operates as an integrated logistics service provider offering express parcel, cross-border, supply chain, warehousing, freight, courier, data intelligence and fulfillment services. The company has built a comprehensive ecosystem that covers the entire logistics value chain, from first-mile pickup to last-mile delivery.
The company's service portfolio encompasses several key segments. Express parcels comprise 70% of revenue, with Delhivery holding a 20% market share in e-commerce volumes. The express parcel delivery network services over 18,500 pin codes across India, making it one of the most extensive delivery networks in the country. Partial truckload (PTL) freight accounts for 10% of revenue, where the company maintains an 8.3% market share.
Truckload freight contributes 6% to total revenue, a segment that began operations in FY20, serving 449 customers through 1,850 delivery partners. Supply chain services add 10% to revenue with a focus on direct-to-consumer (D2C) e-commerce and omnichannel retail, operating through 71 warehouses and serving 139 active customers.
The company provides its full range of logistics and value-added services to over 220 countries and territories, positioning it as a significant player in international logistics. Value-added services include e-commerce return services, payment collection and processing, installation and assembly services, and fraud detection.
Delhivery Limited has a market capitalization of ₹28,613 crore as of June 30, 2025. The company has demonstrated strong growth momentum in recent quarters. In Q4 FY25, Delhivery's net profit jumped 205.97% compared to the same period last year, reaching ₹72.56 crore. On a quarterly basis, the company generated a 190.36% jump in net profits compared to the previous quarter.
For the full year FY24, revenues stood at ₹85,942 million, representing a 14.1% increase compared to ₹75,302 million in FY23. The company's revenue has grown from ₹29,886 million in FY20 to ₹85,942 million in FY24, achieving a compound annual growth rate (CAGR) of 30.2% over the past five years.
Key financial metrics show mixed performance indicators. Operating profit margins witnessed a decline to 1.4% in FY24 from 6.1% in FY23, though net profit margins improved from 13.9% in FY23 to 3.1% in FY24. The company's trailing twelve months (TTM) net profit margin stands at 1.81%, while its gross margin is 84.60%.
Delhivery holds a market-leading position in India's e-commerce logistics sector with a 20% market share and maintains a strong position in the partial truckload segment following the acquisition of Spoton Logistics Private Ltd. The company serves approximately 18,600 active customers, demonstrating its broad market reach across diverse business segments.
The company has pursued an aggressive expansion strategy through strategic acquisitions. In August 2021, Delhivery acquired B2B logistics company Spoton Logistics for ₹1,600 crore. Most recently, the Competition Commission of India approved Delhivery's acquisition of a 99.44% stake in Ecom Express for up to ₹1,407 crore, marking a significant consolidation in India's logistics sector.
Delhivery plans to utilize ₹2,000 crore for organic growth and ₹1,000 crore for inorganic growth, with the company being cash-rich and in a position to finance these investments. This capital allocation strategy positions the company well for continued expansion in India's growing logistics market.
The company operates in a rapidly evolving market environment with significant growth potential. Organized players accounted for only 3.5% of India's logistics market in FY20, but are expected to grow at a CAGR of 35% between FY20 and FY26, improving their market share to 12.5-15% by FY26. This shift is expected to be driven by organized players' ability to offer integrated services, network efficiencies, and larger investments in technology.
The e-commerce market presents substantial growth opportunities, with online shoppers expected to increase by 2x from 160 million in FY21 to 320 million in FY26. Government production-linked incentives are expected to boost the B2B segment with increased direct-to-retail and direct-to-customer presence, requiring reliable logistics as an enabler where Delhivery has a key role to play.
Analyst projections remain optimistic about the company's growth trajectory. Delhivery is forecast to grow earnings and revenue by 45.7% and 13.8% per annum respectively, with EPS expected to grow by 90.6% per annum. The company's earnings growth forecast of 45.7% per year is expected to outpace the Indian market's 16.5% annual growth, while revenue growth of 13.8% per year is also forecast to exceed the Indian market's 9.6% annual growth.
Recent developments include the launch of new services and capacity expansion. Delhivery launched its on-demand delivery service, Delhivery Direct, in Delhi-NCR and Bengaluru in July 2025. The company announced expansion of its Chandigarh Gateway Hub in June 2025, increasing storage capacity by 30%, with shares rising 5% following the announcement.
The company continues to attract institutional investment, with Morgan Stanley, Citigroup, and six other entities acquiring a 1.6% stake in Delhivery for ₹461 crore in June 2025. As of May 2024, the largest stakeholders include SoftBank Group (11.74%), SBI Funds Management (9.10%), and Nexus Venture Partners (8.96%).
With its comprehensive service portfolio, strong market position, and strategic growth initiatives, Delhivery is well-positioned to capitalize on India's expanding e-commerce and logistics market while continuing to build its integrated logistics ecosystem.
