In an exchange filing on April 5, Delhivery said that it entered into a pact to acquire a controlling stake in Ecom Express for a cash consideration of ₹1,400 crore from its shareholders. The completion of the transaction is subject to approval from the Competition Commission of India (CCI), and customary closing conditions.

The deal came at a time when Ecom Express was looking to list its shares on domestic bourses at market valuation of around ₹5,000 crore. The Gurugram-based e-commerce logistics company was mulling to raise up to ₹2,600 crore via initial public offering (IPO) route, comprising fresh equities worth up to ₹1,284.5 crore and an offer for sale (OFS) of shares up to ₹1,315.5 crore by existing shareholders.

The new age technology companies had filed their draft paper with the SEBI in August last year, while its received regulatory approval to launch its IPO in December 2024. However, the company later shelved its IPO plans and was acquired by Delhivery.

Incorporated in 2012, Ecom Express provides logistics and supply chain solutions across 29 states and 6 union territories, serving 27,000+ pin codes throughout India. With a network of 317 large facilities (covering sorting hubs, processing centers, return centers, and fulfilment centers), and 3,421 delivery centers, the PIN codes collectively account for approximately 97% of India’s population, as per RedSeer report mentioned in the DRHP. It acquired a controlling stake in Paperfly Private Limited, a logistics solutions provider company based in Bangladesh, in January 2021.

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