Ecom Express, once a rising star in India’s e-commerce logistics space, has gone from planning an IPO to being sold off in what many are calling a ‘fire sale’ — leaving minority shareholders blindsided and independent board members furious.
The inside story began to unravel during the 24th Extraordinary General Meeting (EGM) of Ecom Express, held virtually, according to multiple reports.
At the meeting, Chairman and Independent Director, V. Anantharaman, reportedly announced that a deal had been finalised in April 2025 for Delhivery to acquire nearly the entire company.
Anantharaman expressed concern that the agreement was reached without informing the company’s board or its minority shareholders.
He later stepped down from his role as Chairman. Following his resignation, Ecom Express CEO Ajay Chitkara chaired the meeting.
The acquisition involves Delhivery buying a 99.44 per cent stake in Ecom Express for a cash consideration of up to Rs 1,400 crore.
However, reports say the actual purchase cost is closer to Rs 1,100 crore, since Ecom Express reportedly had Rs 300 crore in cash reserves that Delhivery plans to use for post-deal integration.
This values the company at approximately 0.5 times its annual revenue, which stands at over Rs 2,500 crore — a lower multiple than what is typically seen in the logistics industry.