In a move that signals growing competition in the logistics sector, listed tech unicorn Delhivery has accused rival Ecom Express of misrepresenting data in its draft red herring prospectus (DRHP) filed ahead of a Rs 2,600 crore initial public offering (IPO).
As per reports, Delhivery claims that Ecom Express inflated shipment volumes by counting parcel returns as new shipments, a practice Delhivery does not follow. Additionally, Delhivery raised concerns over the comparison of an internal profitability metric called 'Service Ebitda,' arguing that different companies calculate this metric in various ways.
The company also questioned the comparability of cost per shipment, citing differences in how logistics expenses and corporate overheads are categorised. Delhivery pointed out that its shipment volumes do not include returns as separate parcels, making direct cost comparisons between the two firms misleading.
Ecom Express, which filed for its IPO in August, has yet to respond to these allegations, as the rivalry between logistics startups intensifies.
This dispute highlights the competitive dynamics between new entrants and incumbents in India’s tech-driven logistics space, with both companies seeking to establish themselves as market leaders.
