Logistics company Delhivery is looking to foray into the fintech segment. The company’s board has approved the incorporation of a new wholly-owned subsidiary, Delhivery Financial Services Private Limited, with an initial investment of Rs 12 crore.
Through this dedicated fintech vertical, Delhivery aims to offer credit, payments, FASTag aggregation, fuel cards, and insurance solutions to its partners, truckers, fleet owners, riders, and MSMEs.
“It is intended to operate as a financial layer supporting Delhivery’s logistics network, leveraging the company’s data, reach, and partner ecosystem to enhance liquidity access, mitigate risk, and improve operational efficiency across the logistics value chain,” the company said in an exchange filing.
While the incorporation of the new subsidiary is subject to approval from the Registrar of Companies (RoC), Delhivery plans to share more details on its financial services business in the January–March quarter (Q4 FY26), CEO Sahil Barua said on Wednesday.
Delhivery’s Fintech Gameplan
During the company’s July–September quarter (Q2 FY26) earnings call, Barua said that Delhivery’s financial services arm will cater to truckers working within its Express, Part Truck Load (PTL), Full Truck Load (FTL), and supply chain networks by offering them working capital and vehicle financing.
Notably, logistics company BlackBuck also offers lending and vehicle financing to truckers through its NBFC arm, BlackBuck Finserve Private Limited.
When asked if Delhivery will have a similar playbook as its smaller but profitable rival, Barua said that its financial arm will act as an aggregator for lending partners, instead of taking credit exposure on its own balance sheet.
“Our approach is actually more geared towards small and mid-sized commercial vehicle lending at this point. Essentially, the objective is to enable our trucking partners to expand their fleets while also offering FASTag, fuel, and insurance as value-added services,” Barua said.
Leading the new unit will be Delhivery’s Head of Financial Services, Mukul Sachan, who previously served as the CEO of Lendingkart.
Delhivery Posts Loss In Q2 Due To Ecom Express Integration Costs
The logistics company slipped into the red in Q2 FY26, posting a net loss of Rs 50 crore, as against a profit of Rs 10 crore in the year-ago quarter. The decline in the bottom line was largely due to integration costs related to Ecom Express.
In its shareholders’ letter, Delhivery said it incurred integration costs of Rs 90 crore during the quarter. It expects to complete the integration by the end of FY26, with overall costs remaining under Rs 300 crore.
Excluding these one-time integration expenses, the company reported a profit after tax (PAT) of Rs 59 crore in the September quarter.
Commenting on the Ecom Express acquisition, Delhivery said, “Volume manifestation at Ecom ceased during Q1 FY26, with non-express business exits underway. With the revenue transition largely completed, net Ecom revenue for Q2 FY26 was Rs 13 crore.”
During the quarterly earnings call, Barua noted that Delhivery has been able to consolidate Ecom Express’ network faster than expected. “The total cost will be materially lower than our original forecast. The bulk of these costs, related to winding down facilities, employee separation, and tech decommissioning, will be absorbed in FY26,” he added.
Sequentially, Delhivery’s PAT declined 35% from Rs 91 crore in the April–June period due to finance income being lower by Rs 48 crore in Q2 FY26 on account of a reduced cash balance, as Ecom Express acquisition proceeds of Rs 1,369 crore were paid out in July.
Delhivery’s consolidated revenue from customers surged nearly 17% to Rs 2,559 crore in Q2 FY26, compared to Rs 2,189.7 crore in the corresponding quarter last year.
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Overall revenue from services grew 16% year-on-year (YoY) to Rs 2,546 crore, while EBITDA surged 163% YoY to Rs 150 crore, excluding the impact of the Ecom Express acquisition.
Segment-Wise Quarterly Business Performance
Express Parcel: Revenue from this vertical, which comprises Delhivery’s fast-transit delivery service, grew 24% YoY and 15% QoQ to Rs 1,611 crore in Q2 FY26. Express parcel shipments rose 32% YoY and 18% QoQ to 246 million.
Partial Truck Load: Revenue rose 15% to Rs 546 crore in Q2 FY26 from Rs 474 crore a year ago. Sequentially, PTL freight revenue increased 7% from Rs 508 crore. PTL freight tonnage rose 12% YoY and 4% QoQ to 477K tons.
Supply Chain Services: Revenue from this vertical, under which Delhivery offers warehouse management, order management, and transport management systems — declined 14% YoY and 17% QoQ to Rs 170 crore.
Full Truck Load: Revenue dipped 5% to Rs 150 crore in the September quarter from Rs 158 crore a year ago. Sequentially, FTL revenue rose 1% from Rs 148 crore.
Cross Border Services: Revenue from this segment declined 35% YoY, but jumped 59% QoQ to Rs 38 crore in Q2 FY26.
How Are Newer Business Verticals Scaling Up?
Delhivery’s newer business verticals, Delhivery Direct (B2C arm) and Delhivery Rapid (quick commerce), continued to scale. In its shareholders’ letter, the company said Delhivery Direct, its on-demand intra-city service, is currently active in three cities and reached an annual revenue run rate (ARR) of Rs 28 crore in Q2 FY26.
“The Delhivery Direct app for inter-city and intra-city on-demand shipping is now on over 4 million phones and available on Play Store and App Store… We expect to launch across key metros by the end of FY26,” it added.
Further, the company said it expects Delhivery Rapid to contribute Rs 80–100 crore in revenue in the near to medium term. Currently, its quick commerce arm has an ARR of Rs 12 crore, with 20 dark stores across three cities.
Delhivery plans to expand its quick commerce services in Delhi NCR in Q3 FY26. “Based on client demand, we also plan to expand the service to B2B clients in Q3 and Q4 FY26,” it said.
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