In 2011, Deepak Garg, a 32-year-old IIM Bangalore alumnus from Gurgaon, grew exasperated with e-commerce delivery delays while consulting at McKinsey. With ₹20 crore bootstrapped from family and friends, he founded Delhivery from a Gurgaon basement, starting with 50 daily Flipkart orders tracked via Excel. “Logistics is India’s invisible backbone—let’s make it unbreakable,” Garg shared in a 2023 Inc42 interview. From those humble hauls, Delhivery evolved into a ₹4,500 crore ($540 million market cap) logistics titan, handling 1 billion parcels annually, serving 40,000 customers, and covering 99.5% of India’s population across 18,000 pin codes.
Garg, born in 1979, honed operations at McKinsey before spotting e-commerce supply chain gaps. With co-founders Sahil Barua (CEO) and Kapil Bharati, Delhivery built a tech-first model using AI for route optimization and IoT for real-time tracking. Early days involved manual sorting in rented warehouses, competing with unorganized players. A 2013 ₹50 crore Nexus Ventures seed scaled to 10,000 parcels daily, adding warehousing and part-truckload services.
A 2019 SoftBank $413 million infusion valued Delhivery at $1.6 billion, fueling 400 million parcels in FY21 amid a COVID-driven e-commerce boom. Diversifying into e-commerce (65% revenue), FMCG, and cross-border mitigated risks. The 2022 ₹5,235 crore IPO raised ₹4,000 crore fresh, listing at a 1.68% premium. October 2025 restructuring streamlined ops, exiting Bangladesh and adding Suraj Saharan as director, targeting 18-20% EBITDA margins. FY25 revenue rose 10% to ₹8,932 crore from ₹8,142 crore, with Q1 FY26 at ₹2,424 crore (6.21% YoY growth). EBITDA tripled to ₹376 crore, PAT flipped to ₹162 crore from a ₹249 crore loss—first full-year profit.
Express parcels (70% revenue) hit 185 million shipments in Q2 FY25 (3% YoY), PTL up 22% to ₹462 crore. Q3 FY25 revenue: ₹2,378 crore (8% YoY), EBITDA ₹102 crore. Trailing 12-month revenue: $1.06B, with rapid commerce (dark stores in 8 metros) eyeing ₹100 crore FY25. Total funding: $1.25B over 12 rounds; Garg’s stake yields multi-crore returns.
| Fiscal Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | Parcels (Mn) | Key Milestone |
|---|---|---|---|---|
| FY22 | 6,800 | 127 | 600 | $1.6B valuation |
| FY23 | 7,200 | N/A | 800 | Drone pilots |
| FY24 | 8,142 | 127 | 1,000 | First profitable Q |
| FY25 | 8,932 | 376 | 1,200+ | Full-year PAT ₹162 Cr |
Source: Company filings via Tracxn, Inc42.
Delhivery’s 20.1 million sq ft infrastructure, 3.95 million daily km driven, and 106,000 jobs (20,000 direct) reflect scale. Cost optimization (freight at 70% expenses) and 20% e-commerce growth target FY26 keep it ahead of Blue Dart. Sourcing 99.5% serviceability, it cuts emissions via EVs. “We’re delivering possibilities, not just packages,” Garg said in 2025. In India’s $160 billion logistics market, Delhivery’s ₹4,500 crore surge redefines supply chains, one swift delivery at a time.
Last Updated on Thursday, October 23, 2025 8:06 pm by Startup Magazine Team
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