How a delivery powerhouse absorbed a once-promising rival to reshape India’s logistics map
The Origin Stories
In 2012, a group of former Blue Dart executives launched Ecom Express, a company focused entirely on e-commerce deliveries. With its strong network in Tier 2 and 3 towns, it became a favorite among online retailers and quickly built a national footprint.
Just a year earlier, in 2011, Delhivery began its journey as a hyperlocal delivery startup. It soon pivoted to full-scale logistics, targeting every link in the supply chain, from warehousing to long-haul transport, express delivery to cross-border solutions.
For nearly a decade, both firms grew in parallel. But while Ecom Express remained focused on last-mile delivery, Delhivery diversified aggressively. In April 2025, that difference proved decisive when Delhivery acquired Ecom Express in a ₹14.07Bn all-cash deal.
This acquisition marks a new chapter in Indian logistics: one where operational scale, capital discipline, and service breadth triumphed over niche excellence.
Business Models: Full-Stack vs Focused
| Feature | Delhivery | Ecom Express |
| Founded | 2011 | 2012 |
| Focus | Full-stack logistics: B2B, B2C, FTL, warehousing | E-commerce last-mile and reverse logistics |
| Coverage | 2,300+ cities, 27,000+ PIN codes | 2,650+ towns, 27,000+ PIN codes |
| Infra & Tech | 24 sort centers, 85+ fulfillment centers | Deep Tier 2/3 last-mile network |
| Delivery Capacity | Max 6 Million packages/day | Max 3 Million packages/day |
Delhivery’s ambition from the outset was to build a horizontal logistics platform, handling large volumes across business types. Ecom Express remained laser-focused on the fast-growing e-commerce sector, betting on last-mile efficiency and consumer delivery.
FY24 Financial Performance
PrivateCircle’s deals database highlights the capital journeys of both companies:
| Metric | Delhivery | Ecom Express |
| Revenue | ₹85.9 Bn | ₹26.5 Bn |
| EBITDA | ₹5.8 Bn | ₹317.3 Mn |
| PAT | ₹-2.5 Bn | ₹-2.6 Bn |
| EBITDA Margin | 6.74% | 1.20% |
| 3-Year CAGR | 10.5% | 16.75% |
| Cash on Books | ₹4.03 Bn | ₹4.41 Bn |
| Debt-to-Equity | 0.0 | 2.5 |
While Ecom Express demonstrated higher revenue growth over a three-year period, Delhivery’s transition to positive EBITDA and reduced PAT losses signaled a stronger path to sustainability. The capital-light strategy of Ecom Express hit its limits when margin pressures and competitive costs rose.
Funding & Valuation
Delhivery
- Total Capital Raised: ₹120.6 Bn
- Valuation Peak: ₹324.6 Bn (~$3.9 Bn in 2024)
- IPO: May 2022
- Major Backers: SoftBank, Nexus Venture Partners, CPPIB, Tiger Global, Carlyle Group
Delhivery’s fundraising journey reflects long-term investor confidence. It maintained post-IPO stability and executed significant secondary transactions for early backers.
Ecom Express
- Total Capital Raised: ₹14.6 Bn
- Valuation Peak: ₹57.2 Bn (~$700 Mn in 2022)
- IPO Status: Deferred due to market volatility and internal financial strain
- Major Backers: Warburg Pincus, British International Investment (BII), Partners Group
Despite early promise, Ecom Express couldn’t scale funding at the same pace. After a failed IPO attempt, the company found itself cash-constrained with rising liabilities.
The Acquisition Arc
By FY24, signs of divergence became clear:
- Delhivery’s revenue was 3.2x higher
- It achieved EBITDA profitability while Ecom remained in the red
- Ecom’s debt burden grew, while Delhivery maintained a clean balance sheet
In April 2025, Delhivery announced a ₹14.07Bn all-cash acquisition of Ecom Express, acquiring its assets, team, and delivery network.
Why Ecom Agreed:
- Difficulty raising follow-on capital
- Declining margins
- Missed IPO timing
Why Delhivery Acquired:
- Consolidate rural and semi-urban delivery dominance
- Improve route density and last-mile unit economics
- Eliminate competition in critical e-commerce corridors
The acquisition was priced at a steep discount, ~80% below Ecom Express’s peak valuation.
Strategic Outlook
Post-acquisition, Delhivery now commands unmatched depth in India’s logistics stack:
- First-mile to last-mile delivery
- Pan-India warehousing
- Express and freight capabilities
- AI-led automation and route optimization
Ecom Express continues to operate as a subsidiary brand, especially for e-commerce contracts where it retains long-standing client relationships. However, strategic control, innovation, and capital decisions now rest with Delhivery.
Final Word
The Delhivery–Ecom Express story is more than a merger. Backed by extensive data from PrivateCircle, the comparison reveals how strategic scale, clean capital structure, and technology adoption can tilt the industry balance. It’s a case study in:
- The cost of narrow focus in a volatile market
- The power of diversified logistics integration
- How capital efficiency and tech-first operations win in the long run
In the end, Delhivery didn’t just beat Ecom Express. It absorbed it, and in doing so, stitched together India’s most complete logistics network.
This is not just consolidation. It’s logistics evolution—decoded through the lens of PrivateCircle intelligence.