Delhivery has partnered with Bajaj Auto to deploy 200 Bajaj RIKI eCarts across its last-mile delivery network, extending electrification to Tier-2 and Tier-3 cities. This deployment, which took place on June 23, 2026, at Akurdi, Pune, is the first phase of a partnership that plans to total approximately 1500 Bajaj electric three-wheelers (L3 & L5) in phase 2 during 2026 - 2027. The initiative aims to enhance the economic well-being of delivery partners through lower operating costs and improved safety standards.

Strategic Deployment and Fleet Expansion

The collaboration leverages Bajaj Auto's expertise in electric mobility and Delhivery's tech-led operational scale to modernize urban logistics. The Bajaj Riki C4005 (eCart) is equipped with an efficient electric powertrain and a 2-speed automatic transmission, designed for demanding last-mile operations. The initial rollout focuses on metros and emerging tier 2 and below markets, ensuring the last-mile network is physically safer and financially more rewarding.

Enhancing Rider Earnings and Safety

The transition to electric three-wheelers is designed to significantly reduce operating costs per kilometer while providing excellent load-ability. When combined with Delhivery's automated route optimization, delivery partners can complete more drop-offs per trip, leading to a sustainable increase in daily take-home earnings. The vehicles feature ergonomic seating to protect riders from extreme weather and reduce physical fatigue, while allowing for the safe transport of larger, high-density payloads.

Environmental Impact and ESG Goals

Replacing internal combustion engines with electric power eliminates tailpipe emissions in congested municipal areas. This deployment supports Delhivery's broader commitment to fleet electrification and actively reduces the company's Scope 3 greenhouse gas emissions. Equipped with advanced battery management systems for extended urban range, the cargo EVs support consistent, all-day delivery schedules, aligning with the long-term environmental, social, and governance (ESG) targets of both companies.

Motilal Oswal Securities (MOSL) has initiated a Buy rating on delhivery with a target price of ₹580, underpinned by robust performance in the express segment and a notable margin recovery in the Part Truckload (PTL) business.

Key Investment Highlights

MOSL's recommendation is anchored in two primary operational developments at Delhivery — sustained momentum in the express delivery segment and a meaningful turnaround in PTL margins. Together, these factors are seen as supportive of the company's broader earnings trajectory.

The following table summarizes the key parameters of MOSL's rating:

Segment Performance Driving the Outlook

The express segment has demonstrated strong growth, reinforcing Delhivery's position in the competitive logistics landscape. Simultaneously, the PTL segment has shown a margin turnaround, which MOSL views as a positive signal for the company's overall profitability. These developments collectively support the earnings outlook cited by the brokerage in its assessment.