Synopsis
Gurugram-based Delhivery, which went public in May 2022, had been the bellwether for the performance of India’s ecommerce industry until the December 2025 listing of Meesho. Barua said that the company was increasingly witnessing vertical ecommerce players and direct-to-consumer (D2C) brands taking away market share from horizontals like Amazon, Flipkart and Meesho.Listen to this article in summarized format
The Gurugram-based company, which went public in May 2022, had been the bellwether for the performance of India’s ecommerce industry until the December 2025 listing of Meesho. Barua said that the company was increasingly witnessing vertical ecommerce companies and direct-to-consumer (D2C) brands taking market share away from horizontals such as Amazon, Flipkart and Meesho. He also spoke about the limits of the in-house logistics arms of ecommerce platforms, the economics of quick commerce, and what has changed for Delhivery after becoming a public company. Edited excerpts:
Delhivery listed four years ago. What’s changed since then?
When we went public, we had said that the industry was going to consolidate over time, that margins were going to improve as operating leverage comes in, that our focus is going to be on profitability and improving fundamental economics, and that we’re going to start expanding beyond ecommerce. That’s what we’ve been doing for four years. We’ve had a fairly stable base of investors over the past four years and they’ve been supportive of our strategy. Surprisingly, it hasn’t been as stressful as I had imagined.
