Logistics firm Delhivery is set to enter the fintech sector. The company’s board has greenlit the creation of a new wholly-owned subsidiary, Delhivery Financial Services Private Limited, initiating this venture with an investment of Rs 12 crore.
With this dedicated fintech segment, Delhivery plans to provide credit, payment solutions, FASTag aggregation, fuel cards, and insurance offerings to its partners, including truckers, fleet owners, riders, and MSMEs.
The company stated that this financial arm will serve as a supportive layer within Delhivery’s logistics framework, utilizing the company’s extensive data and partner ecosystem to enhance liquidity access, mitigate risks, and boost operational efficiency throughout the logistics value chain, according to an exchange filing.
While the establishment of this new subsidiary still awaits the approval of the Registrar of Companies (RoC), Delhivery anticipates revealing further details regarding its financial services during the January–March quarter (Q4 FY26), as indicated by CEO Sahil Barua on Wednesday.
Delhivery’s Fintech Strategy
During its earnings call for the July–September quarter (Q2 FY26), Barua mentioned that Delhivery’s financial services division will target truckers within its Express, Part Truck Load (PTL), Full Truck Load (FTL), and supply chain sectors by offering working capital and vehicle financing.
In contrast to BlackBuck, which provides lending and vehicle financing through its NBFC arm, Delhivery’s financial unit will act primarily as an aggregator for lending partners rather than holding credit exposure itself. Barua emphasized that their focus is currently on small and medium-sized commercial vehicle lending, aiming to help trucking partners scale their fleets while providing value-added services like FASTag, fuel, and insurance.
Q2 Losses Due to Ecom Express Integration Costs
Delhivery reported a net loss of Rs 50 crore in Q2 FY26, compared to a profit of Rs 10 crore during the same period last year, primarily due to integration expenses related to Ecom Express.
According to Delhivery’s shareholders’ letter, integration costs reached Rs 90 crore in this quarter. The company projects completing the integration by the end of FY26, with total expenses expected to remain under Rs 300 crore. Excluding these exceptional costs, Delhivery’s profit after tax (PAT) for the September quarter was Rs 59 crore.
Business Overview and Performance Metrics
Delhivery’s consolidated revenue from customers surged by nearly 17% to Rs 2,559 crore in Q2 FY26, up from Rs 2,189.7 crore in the same quarter last year. Overall revenue from services saw a 16% year-on-year rise to Rs 2,546 crore, while EBITDA skyrocketed 163% year-on-year to Rs 150 crore, excluding the impact of the Ecom Express acquisition.
Growth in New Business Verticals
Delhivery’s new business arms, Delhivery Direct (B2C) and Delhivery Rapid (quick commerce), continue to expand. The company reported that Delhivery Direct reached an annual revenue run rate (ARR) of Rs 28 crore in Q2 FY26 and is active in three cities. The Delhivery Direct app is on over 4 million devices and available on major app stores, with plans for further metropolitan launches by the end of FY26.
Additionally, Delhivery anticipates that Delhivery Rapid will generate Rs 80–100 crore in revenue in the near- to medium-term, currently holding an ARR of Rs 12 crore with 20 dark stores across three cities. Expansion plans for quick commerce services in the Delhi NCR region are slated for Q3 FY26, alongside a potential rollout to B2B clients later in FY26.
