Listed logistics giant Delhivery Ltd has announced the acquisition of a controlling 99.4% stake in Ecom Express for ₹1,407 crore in an all-cash deal.
The acquisition, subject to regulatory approvals including from the Competition Commission of India (CCI), is expected to be completed within six months.
The deal comes as a surprise, as Ecom Express was preparing to go public. It had filed papers for a ₹2,600 crore IPO in August 2024 and got SEBI’s approval in December. However, it never moved forward with the listing.
The company was valued at around ₹7,000 crore during its last funding round in June 2024. Now, it’s being acquired for ₹1,407 crore—much lower—suggesting this might be a fire-sale.
Commenting on the acquisition, Managing Director and CEO of Delhivery Sahil Barua said,
“The Indian economy requires continuous improvements in cost efficiency, speed and reach of logistics. We believe this acquisition will enable us to service customers of both companies better, through continued bold investments in infrastructure, technology, network and people.”
“This acquisition marks a new growth phase for Ecom Express, and the combined strengths of both companies will drive substantial benefits for businesses across India and the logistics industry as a whole,” Ecom Express founder K Satyanarayana added.
Founded in 2012, Ecom Express has built a strong B2C logistics network in tier-II cities and was one of the first to test drone deliveries, starting in Delhi-NCR in 2024.
Despite past disagreements over data in Ecom Express’ IPO documents, Delhivery has now acquired the company, boosting its position in warehousing, quick commerce, and drone delivery.
Delhivery also plans to grow its rapid delivery service, aiming for ₹80–100 crore in revenue from it in FY25.
Ecom Express earned ₹2,609 crore in FY24, with a reduced net loss of ₹255.8 crore. Over half of its revenue came from its top customer—likely Meesho, which launched its own logistics unit, Valmo.
