Delhivery is India’s largest fully-integrated third-party logistics provider, built from scratch in 2011 to bring order to a fragmented, under-developed sector - the company calls it the “operating system for commerce in India”. It grew from an express parcel start-up to a network that now carries roughly 5% of India’s manufacturing economic value and about 1% of the country’s GDP, delivering over a billion parcels in a single year. The recurring approach is to build multiple complementary capabilities - express parcel, freight, warehousing, technology - on a single shared mesh network, so that growth in any one line pulls the others along, and the cash generated by the core transport business funds each new venture. # Business segments A single integrated logistics platform with four service lines - Express Parcel, Part Truckload freight, Supply Chain Services, and Truckload & Cross Border - all running on a shared technology backbone, plus a set of early-stage initiatives funded by the core. ## 1. Express Parcel: the engine that built the network **India’s largest third-party express parcel network by volume, delivering over a billion shipments a year for e-commerce and D2C brands on a cost structure that management says is the lowest among competitors.** - **Paid per parcel, with fuel costs passed through** - revenue comes from a fee on each of the 1,054 million shipments handled in FY26, and over 90% of contracts include diesel price adjustment clauses so fuel swings do not sit on Delhivery’s books. - **Cheaper than in-house networks** - the cost of delivery is 8-10% lower than what a brand would pay running its own variablized network with separate sortation, line-haul and last-mile providers, because Delhivery does all three on one integrated system. - **Automation at scale** - 47 automated sort centres with 73 sorters can process 8.2 million parcels a day; the Bhiwandi mega-gateway alone moves over 32,000 shipments and 17,000 freight units every hour on 1.8 km of double-deck sorters. - **AI that cuts returns** - a proprietary RTO Predictor mines data from 2.8 billion delivered shipments to flag cash-on-delivery orders likely to be refused, reducing return-to-origin by 20% and saving the round-trip cost. - **Bought scale, then integrated fast** - the acquisition of Ecom Express in mid-2025 brought in volumes equal to roughly 40% of Delhivery’s own express business; client and technology integration was done within one quarter, and most duplicate infrastructure was wound down the quarter after. ## 2. Part Truckload freight: the second engine, sharing the same tracks **One of India’s leading and fastest-growing express PTL networks, structurally faster than rivals because it runs on the same fleet, hubs and technology as the express parcel business.** - **Paid per tonne, diesel-indexed** - revenue is earned on every metric ton of freight moved - 1,991 thousand tonnes in FY26 - with prices tied to pump-level diesel rates through an industry-standard pass-through. - **Speed from shared infrastructure** - PTL shipments move through the same automated sort centres and line-haul fleet as express parcels, giving the business a built-in speed advantage and direct reach that franchise-based competitors cannot match. - **Serving the quick-commerce supply chain** - Delhivery provides appointment-based dark-store and mother-warehouse delivery for brands selling on quick-commerce platforms, a fast-growing use case that plays to the network’s precision and reach. - **Turnaround story with operating leverage** - the Part Truckload business reached service EBITDA profitability for the first time in Q4 fiscal '24, with incremental margins of 40-50% as volumes grew, because the fixed network costs were already covered by the express parcel volumes. - **Built through acquisition, then merged** - the 2021 purchase of Spoton Logistics, whose PTL volumes were twice Delhivery’s own at the time, made the company the second-largest express PTL network overnight; all operations were migrated to a single system by April 2022. ## 3. Supply Chain Services: running the client’s entire logistics, not just the warehouse **A consultative, end-to-end fulfilment business that redesigns a customer’s supply chain - inventory placement, warehousing, transport - and runs it on Delhivery’s infrastructure, with profitability that roughly quadrupled in FY26.** - **Redesign, not just takeover** - the sale starts with rethinking the client’s stocking scheme, warehouse locations, routes and trucking formats, so the outcome is a fundamentally different supply chain rather than a simple outsourcing of existing warehouses. - **One partner, one pool of inventory** - customers manage e-commerce, D2C and B2B operations from a common stock pool across 85 multi-tenant fulfilment centres, which variablizes their costs and centralises procurement with a single provider. - **Complexity is the filter** - the business targets sectors with high supply chain complexity - consumer durables, electronics, auto spare parts, industrial goods - where the redesign approach creates the most value versus a basic warehousing provider. - **Pipeline, not spot market** - an established pipeline of roughly ₹1,800 crores in annual business potential was under active discussion as of FY26, and two new mandates were signed in the final quarter alone. ## 4. Truckload & Cross Border: extending the platform’s reach **Complementary services that connect shippers to truckload capacity through a digital exchange and move parcels and freight across borders using global carrier partnerships.** - **Digital freight matching** - the ‘Orion’ platform lets fleet owners bid on Delhivery’s spot trucking demand, serving as the single source for all internal intercity truckload needs and delivering 5-30% savings depending on lane and truck type. - **Global reach through partnerships** - cross-border parcel and freight services cover over 220 countries via integrated alliances with FedEx and Aramex, with systems that can code-share airway bills so a shipment moves seamlessly between networks. - **Affordable exports for small businesses** - the ‘Delhivery International’ economy air parcel service, launched in late 2025, gives SMEs and D2C brands real-time rates and end-to-end visibility for exports to the US, UK, Canada and Australia, using the domestic network to aggregate freight from Tier-2 and Tier-3 cities. # Technology platform **A proprietary, in-house logistics operating system of over 80 business applications, AI models and data products that runs every Delhivery service and is sold externally as SaaS - the shared brain of the entire network.** - **Three-layer architecture** - an application layer of 80-plus business apps sits on a configuration layer for client-specific rules, all orchestrated by a core operating system of reusable, business-agnostic tools that any developer can build on. - **AI across the entire stack** - large language models and multimodal AI handle voice, vision, location and real-time transactions from order to delivery; the Naksha LLM suite runs seven fine-tuned models for address intelligence, and an agentic harness deploys AI agents safely across operations. - **Maps built on logistics data, not consumer data** - ‘Delhivery Maps,’ launched in 2026, is an AI-native geospatial API suite trained on over two billion shipments and a billion daily GPS pings from 100,000-plus vehicles, engineered for truck speeds, routing constraints and incomplete addresses - it has replaced third-party mapping providers across all Delhivery operations. - **SaaS that cuts freight costs** - the TransportOne transport management system, offered to enterprise customers, uses AI agents to negotiate rates, plan shipments and reconcile invoices; early users saw up to 12% reduction in freight costs. - **Robotics moving from lab to floor** - autonomous mobile robots are live at the Bhiwandi mega-gateway, a 3D sort system is under pilot, and a subsidiary is developing VTOL drones that have already completed a 12 km medical delivery test in about 12 minutes with a 5 kg payload. # New initiatives: Rapid, Local & Financial Services **Long-cycle growth bets - a shared dark-store network for 2-4 hour delivery, an on-demand intra-city service, and a logistics-adjacent financial services vertical - all funded by cash from the core transport business.** - **Shared dark stores, not owned inventory** - Delhivery Rapid lets brands offer 2-4 hour delivery from a network of roughly 50 planned dark stores across the top eight cities, with a pay-per-use model at ₹80-100 per order, while the brand keeps control of customer data and experience. - **On-demand pickup in minutes** - Delhivery Local, live in five cities, lets businesses and individuals book intra-city pickup and delivery via two-wheeler, three-wheeler or four-wheeler within 15 minutes through the Delhivery Direct app. - **Financial services for the fleet** - two new subsidiaries are being built to offer credit, FASTag aggregation, fuel cards, insurance and telematics to truckers, fleet owners, riders and MSMEs, reinforcing the logistics core rather than operating as a standalone fintech. # Group structure and partners **A professionally managed, promoter-less listed company with a web of subsidiaries for freight, technology, robotics and financial services, anchored by two transformative acquisitions and deep global partnerships.** - **No promoter, professional board** - Delhivery is listed on the BSE and NSE with no identifiable promoter; the board is chaired by Neelam Dhawan and includes independent directors from consumer and technology backgrounds. - **Subsidiaries for each new capability** - wholly owned Indian entities house the freight, cross-border, supply chain software (Algorhythm Tech), robotics (Delhivery Robotics India), and the two new financial services ventures, while international operations include Delhivery Corp Limited (UK) as a direct subsidiary of the parent and entities in the US, Hong Kong and Singapore, with proposed step-down subsidiaries in the UK and UAE under Delhivery Singapore. - **Spoton: merged into the mothership** - acquired in 2021 and with a scheme of amalgamation approved by the NCLT on March 20, 2026, Spoton’s PTL network was twice Delhivery’s size at purchase and has since been fully absorbed into the single operating system with no separate identity. - **FedEx alliance and EV partnerships** - a 2021 strategic deal with FedEx integrated the two networks and gave FedEx a ₹745.7 crore equity stake; on the ground, partnerships with RIDEV and Bajaj Auto are deploying hundreds of electric two, three and four-wheelers across the last-mile fleet.