Initially, Delhivery began as SSN Logistics Ltd focusing on hyperlocal express delivery (flowers, food, etc.) in Gurgaon.
Very soon, recognizing the potential of e-commerce in India, they shifted focus: by August 2011, they were servicing e-commerce clients. Over time they expanded — geographically (pin code coverage, cities), service offerings (warehousing, full/part truckload, supply chain solutions), technology investment, automation of operations etc.
Delhivery is more than just a courier delivery company. Its services include:
Express parcel delivery (last-mile delivery) for B2C & also B2B orders. Part TruckLoad (PTL) and Full TruckLoad (FTL) freight services.
Warehousing, inventory management, fulfillment services. Supply chain solutions (including software platforms, data intelligence, analytics) and value-added services (reverse logistics, cash collection, installation etc.)
Cross-border express & freight services.
Acts in almost every state in India; operates across ~18,000+ pin codes.
Infrastructure includes many automated sorting centers, gateways, delivery hubs, warehouses. Active customer base: 30,000+ active customers across marketplaces, D2C brands, SMEs, enterprises.
Employee / workforce size runs in tens of thousands.
Here are key elements of their business model:
Asset-Light Model
Delhivery tends to partner for many physical assets (fleets, partner agents, etc.) rather than owning everything. This helps scale without huge capital costs. Multiple Services / Revenue Streams
Revenue comes from different verticals:
Express parcel deliveries (the largest share)
PTL / FTL freight services
Supply chain / warehousing / software & value-added services
Technology & Data Intelligence
They use data, forecasting, route optimization etc. to reduce costs and improve efficiencies. Their internal logistics operating systems link their infrastructure, analytics, tracking etc.
Reach & Network Effects
As their network grows (more hubs, more pin codes, more partner agents), they get economies of scale; more business from e-commerce and small businesses that require broad coverage. This helps them negotiate better rates, optimize routing etc.
Focus on E-commerce / D2C
Given the huge growth in online shopping in India, Delhivery has benefited by being one of the go-to third-party logistics (3PL) / fulfilment partners.
Delhivery turned its first full-year net profit in FY 2024-25.
In Q1 FY25, they reported a profit (i.e. swung to profit) driven by strong growth in key segments: express parcel, part truck-load, and supply chain services.
Their express parcel segment contributes the largest part of their revenue; other segments like PTL, supply chain, freight etc. help in diversification and margin improvement.
Very large and growing infrastructure + broad geographic coverage.
Diverse service offerings (not just last-mile) helps reduce dependence on any single line.
Strong technology stack for operations management, tracking etc.
Benefiting from India’s growth in e-commerce, D2C, small sellers needing logistics & fulfillment.
They are building efficiencies (automation, partner network) which improves margins as volumes increase.
Profitability: though they’ve turned profitable recently, logistics is a capital-intensive business and operating margins can be thin.Competition: There are many players (other structured 3PLs, in-house logistics by big e-commerce firms, unorganized local transport etc.).
Cost pressures: fuel, labor, transportation costs, regulatory/trade issues.
Operational challenges like delays, customer complaints, last-mile inefficiencies, handling in remote areas etc.
Dependency on e-commerce demand; if growth slows or consumer behavior changes, volumes could be affected.