Delhivery acquires Aramex India unit, deepening grip on e-commerce logistics market
Gurugram-based Delhivery has bought the India operations of Dubai courier giant Aramex, strengthening its position in India's $1.35B e-commerce logistics segment. Backed by Tiger Global and Carlyle, the near-unicorn handles 19 lakh shipments/day. Deal terms undisclosed.
What happened
Delhivery has acquired the India operations of Dubai-based Aramex, strengthening its position in India's e-commerce logistics market. Deal terms undisclosed.
Key facts
- $257.6M raised
- $700-800M valuation
- $130M round May 2017
- $450M planned round
- Aramex FY2018 revenue $1.38B
- e-commerce logistics market $1.35B in 2018
- 19 lakh shipments/day
- 36% growth expected
- operating income Rs 1,023.05 cr
- net loss Rs 692.21 cr
Why this matters
Aramex's exit of its India unit to a domestic leader shows foreign couriers ceding ground, opening a playbook for further roll-ups of subscale logistics players in this fragmented $1.35B market.
What to watch
- Deal value disclosure and impact on Delhivery balance sheet/margins
- Client churn from Aramex India book post-acquisition
- Competitor funding rounds or counter-acquisitions
- Quarterly volume/shipment-per-day trajectory and EBITDA margin trend
- CCI or regulatory review on market concentration
- Announce integration roadmap and retention terms for Aramex India management/clients
- Cross-sell Aramex cross-border capability to existing D2C and marketplace clients
- Rationalize overlapping hubs and last-mile fleet to extract cost synergies
- Position for international express expansion to diversify beyond domestic e-comm