New Delhi— Ecom Express, once hailed as a rising star in India’s e-commerce logistics sector, has gone from planning a public listing to being sold off in what many are calling a “fire sale”—a move that has blindsided minority shareholders and infuriated independent board members.
The controversy came to light during the company’s 24th Extraordinary General Meeting (EGM), held virtually, according to multiple reports. During the meeting, Chairman and Independent Director V. Anantharaman revealed that a deal had already been finalized in April 2025 for logistics giant Delhivery to acquire nearly all of Ecom Express.
Anantharaman expressed deep concern that the acquisition was negotiated without the knowledge of the board or minority shareholders. He subsequently resigned from his position, after which CEO Ajay Chitkara assumed the chair for the remainder of the meeting.
Under the terms of the deal, Delhivery is set to acquire a 99.44% stake in Ecom Express for up to ₹1,400 crore in cash. However, insiders say the real outlay is closer to ₹1,100 crore, as Delhivery reportedly plans to utilize ₹300 crore in Ecom Express’s cash reserves to fund the integration process.
The valuation—roughly 0.5 times Ecom Express’s annual revenue of over ₹2,500 crore—is considered significantly below industry standards, raising further questions about the fairness and transparency of the transaction.
Ecom Express had previously secured approval from the Securities and Exchange Board of India (SEBI) to go public, making this sudden pivot toward a buyout all the more surprising. The shift has reportedly led to the voluntary exit of around 150 mid-level and regional operations staff, amid fears of restructuring and potential layoffs.
Founded in 2012 and headquartered in Gurugram, Ecom Express has raised over $290 million in funding and built a reputation as a full-stack, tech-enabled logistics provider. The abrupt acquisition has left many stakeholders questioning the company’s governance practices and future direction.
As of now, neither Delhivery nor Ecom Express has issued an official statement regarding the deal or the growing concerns from shareholders and employees. (Source: IANS)
