KEYS FINDING

Process
th
As per, article dated 29 October,2020, The MD and Chief Business Officer Sandeep Barasia
stated that the e-commerce business constitutes 60-65 % of Delhivery’s total business. In
the coming 12-24 months, they intent to have an equal contribution from E-commerce and
B2B businesses. The further breakup of 30-35% has not been explicitly mentioned in the
article.

Reference, https://timesofindia.indiatimes.com/business/india-business/will-be-top-
delivery-co-by-revenue-delhivery/articleshowprint/78921446.cms

 Later we referred to various sources such as Capitaline, Prowess IQ where no

segregation on the basis of nature and sources of revenue was mentioned for
Delhivery.

 Then we ordered the company’s annual financial report from Ministry of Corporate
Affairs’ website (MCA) and extracted information based on its annual report.

 As per the financial statements, 82.42 % of the revenue comes from courier
activities, 13.14 from motorised freight transport and 4.4% from Storage and
warehousing.
Please find enclosed the link of the article for your ready-reference.

FACTS IN ANNUAL REPORT

  The revenue is divided in three segments:

1) Courier Activities 82.42%

2) Motorised road freight transport 13.14%
3) Storage and warehousing 04.44%
Now, we tried to classify using the ITC code for service segments

1) Courier Activities 82.42% 99681201

2) Motorised road freight transport 13.14% 99651190
3) Storage and warehousing 04.44% 99672900

We searched these codes to know what exactly is the nature of these services.

Final Conclusion

 Although company claim to have presence in B2B space, but the presence is
negligible.
 The company’s more than 4/5th of the revenues is from its courier and delivery
services with 13% revenue from overseas freight and a negligible 4% revenue from
storage and warehousing services.
A. References for literature research on Delhivery:

1. https://www.businesstoday.in/magazine/cover-story/coolest-start-up-in-india-2014-
delhivery/story/204527.html

2. https://www.livemint.com/companies/start-ups/delhivery-shopping-for-b2b-
operations-in-talks-with-blue-dart-gati-11573063698624.html

3. https://blog.finology.in/startups-india/Delhivery-unicorn-of-e-delivery

4. https://www.bigblue.co/blog/how-to-choose-the-perfect-logistics-provider-for-your-e-
commerce

5. https://www.delhivery.com/

6. https://www.businessinsider.in/indian-unicorn-list-of-2019-rivigo-is-latest-to-join-the-
club/articleshow/71334388.cms

7. https://ajuniorvc.com/delhivery-logistics-unicorn-india/

8. https://www.financialexpress.com/industry/sme/delhiverys-rise-to-the-top-of-e-
commerce-logistics-market-is-not-a-winner-takes-all-game-that-has-ecom-express-
xpressbees-shadowfax-and-others/1527093/

9. https://apnews.com/press-release/pr-iredrelease/44974ee0d7f46739b10b9e66acf7a13b

10. https://www.businesstoday.in/current/corporate/delhivery-softbank-unicorn-club-
equity-funding-delhivery-joins-the-unicorn-club-with-softbank-led-413-million-
funding/story/330698.html

11. https://startuptalky.com/delhivery-success-story/#logistics_Delhivery-FuturePlans

12. https://www.marketingmind.in/delhivery-becomes-first-unicorn-of-2019-read-its-
outstanding-journey-over-the-years/

13. https://economictimes.indiatimes.com/north/noida-realty-market-flooding-with-navratra-
freebies/articleshow/46742246.cms

14. https://inc42.com/buzz/what-the-financials-delhivery-cuts-losses-by-inr-1500-cr-in-fy20-
amid-ipo-plans/

15. Annual reports of the company

16. Prowess and Capitaline databases

B. References for research on the industry:

1. https://assets.kpmg/content/dam/kpmg/in/pdf/2018/05/e-commerce-retail-logistics.pdf
2. https://economictimes.indiatimes.com/news/economy/policy/logistics-sector-gets-
infrastructure-status/articleshow/61724575.cms?from=mdr

3. https://www.spireresearch.com/wp-content/uploads/2020/04/White-Paper_India
%E2%80%99s-E-Commerce-Logistics-Industry.pdf

4. Prowess and Capitaline databases