Delhivery Limited , India's largest fully integrated logistics service provider, announced today significant changes in its leadership team and board composition.

CFO Resignation and Successor Appointment

Chief Financial Officer Amit Agarwal has resigned from his position, effective December 31, 2025, citing personal reasons. The company's board has approved the appointment of Vivek Pabari as the new CFO, effective January 1, 2026.

Board Member Resignation

Aruna Sundararajan, Non-Executive Independent Director, will resign from her position effective January 1, 2026. The resignation comes in light of Sundararajan's recent appointment as a Government nominee on a regulatory body.

Reasons for Sundararajan's Resignation

Sundararajan cited increased responsibilities associated with her new government role as the primary reason for stepping down from Delhivery's board. In her resignation letter, she confirmed that there are no other material reasons for her departure beyond those mentioned.

Board and Committee Positions Affected

As part of her resignation, Sundararajan will also step down from all Board committees where she served, including:

• Chairperson of the Corporate Social Responsibility (CSR) Committee
• Member of the Audit Committee

Tenure and Contribution

Aruna Sundararajan joined Delhivery's board as a Non-Executive Independent Director in July 2022. During her tenure, she played a significant role in strengthening governance and shaping strategy for the company during a period of substantial expansion.

Sahil Barua, MD & Chief Executive Officer of Delhivery, commented on Sundararajan's departure: "Delhivery has greatly benefited from Aruna's vast experience in public service. Her contributions were instrumental in strengthening governance and shaping strategy during a period of significant expansion. On behalf of the Delhivery Board of Directors and team, we express gratitude for her counsel, encouragement, and support."

Other Board Positions

Sundararajan currently holds independent director positions at other prominent companies, including:

1. L&T Technology Services Limited
2. National Bank for Financing Infrastructure and Development

Recent Board Additions

Earlier this year, Delhivery announced the appointments of several new Non-Executive Independent Directors to its board:

• Namita Thapar, Whole-time Director at Emcure Pharmaceuticals Limited
• Sameer Mehta, Co-Founder and CEO of boAt Lifestyle
• Yashish Dahiya, Chairman and CEO of PB Fintech
• Dr. Padmini Srinivasan, Faculty member at IIM Bangalore

These appointments reflect Delhivery's commitment to maintaining a diverse and experienced board as it continues to navigate its growth trajectory in the logistics sector.

As Delhivery adapts to these leadership transitions, the company remains focused on its mission to build the operating system for commerce, leveraging its nationwide network that covers over 18,850 pin codes across India.

Delhivery Limited , India's largest fully integrated logistics service provider, has announced significant expansion plans, including the incorporation of new subsidiaries internationally and in the financial services sector. The company's Board of Directors has approved these strategic moves to strengthen Delhivery's global logistics capabilities and diversify its service offerings.

International Expansion

Delhivery plans to expand its international presence by incorporating step-down wholly owned subsidiaries in the United Kingdom and United Arab Emirates. Key details of this expansion include:

• The new subsidiaries will be owned by Delhivery Singapore Pte. Ltd., a wholly owned subsidiary of Delhivery Limited.
• Both entities will operate in the logistics business, providing supply chain solutions and logistics services.
• Delhivery plans to invest up to INR 5.00 crore in each subsidiary through one or more tranches via 100% subscription to share capital in cash.
• The incorporation is subject to approval from competent authorities.

Financial Services Subsidiary

In a move to diversify its offerings, Delhivery's Board of Directors has also approved the incorporation of a wholly owned subsidiary named Delhivery Financial Services Private Limited. This new entity will:

• Operate in the financial services sector
• Offer credit, payment, FASTag aggregator, fuel cards, and insurance solutions
• Target partners including truckers, fleet owners, riders, and MSMEs
• Function as a financial layer supporting Delhivery's logistics network
• Leverage the company's data, reach, and partner ecosystem to enhance liquidity access and improve operational efficiency

Delhivery plans to invest up to INR 12 crores and hold 100% shareholding in this new subsidiary. The incorporation is subject to approval from relevant authorities, including the Registrar of Companies.

Strategic Implications

These expansions mark significant steps in Delhivery's growth strategy. By establishing a presence in the UK and UAE, the company is positioning itself to tap into key global markets and enhance its cross-border logistics capabilities. The financial services subsidiary aims to create synergies with Delhivery's existing logistics network, potentially improving operational efficiency and providing additional value to partners.

Financial Commitment and IPO Proceeds Utilization

Delhivery's decision to invest in these new ventures demonstrates its commitment to growth and diversification. The company recently submitted its Monitoring Agency Report for the quarter ended September 30, prepared by Axis Bank Limited, showing no deviation from the stated IPO objectives.

Key points from the report:

• The company's IPO, conducted from May 11-13, 2022, raised Rs. 52,350.00 million.
• The total IPO proceeds of Rs. 38,863.03 million have been fully utilized across three main objectives:
  1. Organic growth initiatives: Rs. 19,000.00 million
  2. Funding inorganic growth: Rs. 10,000.00 million
  3. General corporate purposes: Rs. 8,863.03 million

Market Position

Delhivery has been experiencing growth, as evidenced by its recent financial results. For the reported quarter, the company reported:

While the company faced a loss of INR 50.49 crore for the quarter, it's important to note that this includes integration costs related to recent acquisitions.

Outlook

The establishment of subsidiaries in the UK, UAE, and the financial services sector aligns with Delhivery's long-term strategy of becoming a global, diversified logistics player. As the company continues to expand its international footprint and service offerings, it may leverage its technology-driven approach and extensive experience in the Indian market to compete in these new territories and sectors.

These moves come at a time when global supply chains are evolving, and there's an increasing demand for efficient, technology-enabled logistics and financial solutions. Delhivery's expansion into these strategic areas could potentially open up new revenue streams and partnership opportunities in both the international logistics sector and the financial services industry.

As Delhivery awaits regulatory approvals for these new subsidiaries, the industry will be watching closely to see how these expansions unfold and impact the company's global market position and service portfolio.