Srivatsan Rajan resigns from Delhivery’s board

Srivatsan Rajan, former India Chairman of Bain & Company, has resigned from the board of logistics tech firm Delhivery, where he served as an independent director since 2015. His resignation will be effective from September 30, 2025, the company confirmed on Friday.

Rajan’s exit marks the end of a nearly decade-long association with Delhivery, during which the company transitioned from a mid-sized logistics player into a publicly listed integrated supply chain and logistics firm.

Rajan brought strategic insights to Delhivery during its critical phases of growth, including its IPO in 2022, and expansion into freight, cross-border, and B2B services.

In a note addressed to the board, Rajan wrote, “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 also stated that his departure was not due to any material concerns, but rather to explore new opportunities. “I would like to now be able to contribute to another company’s journey,” he said.

Delhivery has not yet announced a replacement for the board position.

In Q1 FY26, the company today reported revenue from services of Rs 2,294 crore, reflecting a 6% year-on-year growth compared to Rs 2,172 crore in Q1 FY25. EBITDA stood at Rs 149 crore, with a margin of 6.5%, marking a 53% increase from Rs 97 crore (4.5% margin) in the same quarter last year.

Profit after tax rose by 67% year-on-year to Rs 91 crore, up from Rs 54 crore in Q1 FY25, with the margin improving from 2.4% to 3.8%.

Additionally, the company's board has appointed Padmini Srinivasan and Yashish Dahiya as additional directors for a term of five years, effective August 1, 2025, subject to shareholder approval.

Srinivasan is a senior member of the faculty and serves as the Chairperson of the Centre for Corporate Governance and Sustainability and of Executive Education at IIM Bangalore. Dahiya is the Chairman and CEO of PB Fintech, the parent company of Policybazaar.com.