Logistics major Delhivery has announced that it will acquire Ecom Express Limited for Rs 1,407 crore, as noted in a regulatory filing. The acquisition will be executed via a Share Purchase Agreement (SPA) with Ecom Express and its existing shareholders, making Ecom a subsidiary upon completion.
The transaction is expected to close within six months, unless the parties agree to an extension.
Delhivery’s Managing Director and Chief Executive Officer, Sahil Barua, stated that the acquisition aligns with the company’s vision of building speed, reach and cost-efficiency into India’s logistics infrastructure.
“The founders and management of Ecom Express have established a high-quality network and team, creating a strong foundation to integrate into Delhivery’s operations,” he said.
As BusinessLine reports, this acquisition comes during a turbulent period for Ecom Express, which recently laid off a section of its workforce. The company had earlier received clearance from the Securities and Exchange Board of India (SEBI) in December 2024 to go public.
However, it pulled back from its Initial Public Offering (IPO) plans after Delhivery accused it of misrepresenting operational data in its draft red herring prospectus (DRHP).
Delhivery alleged that Ecom Express inflated its shipment volumes by double-counting return-to-origin orders and overstated its automation and operational reach — claims that may have influenced investor perception and regulatory confidence.
Ecom Express was last valued at $878 million during a Series C funding round on June 28, 2024, where it secured $33.9 million from British International Investment. Its prior valuation stood at $771 million in October 2022, according to BusinessLine.
