Srivatsan Rajan to Step Down from Delhivery Board After Nearly a Decade

Entrepreneur

04-08-2025

Rajan played a pivotal role in guiding Delhivery through a transformative decade, during which the logistics technology firm grew from a mid-sized player to a publicly listed integrated supply chain and logistics provider.
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Delhivery has announced that Srivatsan Rajan, former India Chairman of Bain and Company, will step down from its board as an independent director on September 30, 2025, concluding an association that began in 2015. The company confirmed his resignation on Friday.
Rajan played a pivotal role in guiding Delhivery through a transformative decade, during which the logistics technology firm grew from a mid-sized player to a publicly listed integrated supply chain and logistics provider. His tenure included key milestones such as the company's 2022 initial public offering and its expansion into freight, cross-border trade, and business-to-business services.
In a note to the board, Rajan reflected on his journey with the company. "It has been a privilege to serve on the Board for the past ten years. I am incredibly proud of the growth and achievements we've accomplished together during this period. I've witnessed firsthand the dedication of the management team and the unwavering commitment of our employees, which has been instrumental in shaping Delhivery into the industry leader it is today," he said.
Clarifying the reasons for his departure, Rajan stated, "I would like to now be able to contribute to another company's journey," adding that his exit was not driven by any material concerns.
The company has not yet announced a successor for the role.
Meanwhile, Delhivery reported its financial results for the first quarter of FY26. Revenue from services stood at INR 2,294 crore, marking a 6 percent year-on-year rise from INR 2,172 crore in the same period last year. Earnings before interest, taxes, depreciation, and amortisation reached INR 149 crore with a margin of 6.5 percent, a 53 percent increase from INR 97 crore and a 4.5 percent margin a year earlier. Profit after tax rose 67 percent to INR 91 crore, with margins improving from 2.4 percent to 3.8 percent.
In other board developments, the company appointed Padmini Srinivasan and Yashish Dahiya as additional directors for a five-year term effective August 1, 2025, subject to shareholder approval. Srinivasan is a senior faculty member at IIM Bangalore, while Dahiya serves as Chairman and CEO of PB Fintech, the parent company of Policybazaar.com.