Delhivery acquires Aramex India unit, tightening grip on e-commerce logistics
Tiger Global- and Carlyle-backed Delhivery has bought Aramex's India operations, expanding its footprint in a $1.35B e-commerce delivery market growing ~36% over five years. The Gurugram firm—last valued at $700-800M and eyeing a $450M raise—nears unicorn status despite a Rs 692 crore net loss.
What happened
Delhivery has acquired Aramex's India operations, strengthening its e-commerce logistics position. The Gurugram startup, backed by Tiger Global and Carlyle, is
Key facts
- Aramex FY2018 revenue $1.38B
- Delhivery raised $257.6M across six rounds
- last valuation $700-800M
- planned raise $450M
- operating income Rs 1,023.05 crore up 38%
- net loss Rs 692.21 crore
- India e-commerce logistics market $1.35B in 2018
- 19 lakh shipments/day
- ~36% growth over 5 years
Why this matters
Delhivery's bolt-on of Aramex's India unit signals continued consolidation in Indian e-commerce logistics, raising the strategic urgency for rival last-mile players to pursue scale via M&A or partnerships.
What to watch
- Terms/valuation of the $450M funding round
- Quarterly loss trajectory and gross margin post-integration
- Competitor M&A response (Ecom Express, XpressBees, DTDC)
- Retention of Aramex enterprise/cross-border contracts
- Amazon/Flipkart in-housing announcements
- Delhivery integrates Aramex cross-border and international courier capabilities under its brand
- Rationalize overlapping hubs and last-mile fleet to extract synergy
- Advance the $450M raise leveraging expanded footprint narrative
- Cross-sell international shipping to existing domestic e-commerce clients