Parcel networks, last-mile delivery and shipping aggregators that carry online orders (Delhivery, Shadowfax, Shiprocket, Blue Dart, Ekart).
Picks up parcels from sellers and warehouses, sorts them in large automated hubs, line-hauls them across the country and delivers the last mile, including cash-on-delivery and returns. Shiprocket sits on top as software, letting small sellers book any courier from one dashboard; Shadowfax specialises in hyperlocal and last-mile riders for quick commerce and food.
Every e-commerce parcel needs moving, so logistics grows with order volume whoever wins the storefront war. The independent networks also gain as Meesho and D2C brands avoid being tied to Flipkart's Ekart or Amazon's in-house fleet.
Express parcel is a scale business with mid-single-digit EBITDA margins; utilisation of hubs and line-haul decides profit. Delhivery shipped ~325 million express parcels in Q2 FY27 (+32%) after absorbing Ecom Express. Pricing pressure is constant because the largest shippers also run captive fleets.