Delhivery, a third-party logistics company, has announced its decision to acquire Ecom Express Limited for ₹1,407 crore. The company’s board approved the acquisition of approximately 99.4% of Ecom Express shares during a meeting held on April 5, 2025.

In an official exchange filing, Delhivery stated: “We wish to inform you that the board of directors of Delhivery Limited at its meeting held today has considered and approved the acquisition of shares equivalent to at least 99.4% of the issued and paid-up share capital of Ecom Express Limited. The purchase consideration will not exceed ₹1,407 crore.”

The acquisition is pending approval from the Competition Commission of India and, once completed, Ecom Express will become a subsidiary of Delhivery.

Sahil Barua, Managing Director and CEO of Delhivery, commented on the acquisition, stating, “The Indian economy requires continuous improvements in cost efficiency, speed, and reach of logistics. We believe this acquisition will enable us to serve the customers of both companies more effectively.”

Previously, Ecom Express faced challenges, including the layoff of around 500 employees in February and the suspension of its initial public offering (IPO) plans as part of cost-cutting measures. The company’s expenses slightly increased to ₹2,921.5 crore in FY24 from ₹2,902.8 crore in FY23, while revenue grew by 2.2% to ₹2,609.2 crore. Notably, losses decreased to ₹255.8 crore compared to ₹428.1 crore the previous year.

Ecom Express, which delivered goods to over 27,000 pin codes, had approximately 15,600 employees and associates. The company previously planned to go public, but market volatility led to a pause in those efforts.

The Securities and Exchange Board of India (Sebi) had granted approval for the IPO in December, which remains valid until later this year. Ecom Express filed papers in August to raise ₹2,600 crore through the IPO, involving a combination of fresh shares and an offer-for-sale.

In conjunction with this news, Delhivery recently launched a Rapid Commerce service, designed for sub-2-hour deliveries to enhance customer experience for direct-to-consumer brands and e-commerce platforms.

Microsoft co-founder and philanthropist Bill Gates delighted his followers by posting an Instagram video featuring Indian cricket icon Sachin Tendulkar, with the playful caption, “A snack break before we get to work.” The brief clip captures the duo relishing Mumbai’s beloved street food, vada pav, whilst perched on a bench, ending with a teasing “Serving soon” message splashed across the screen.

Gates, currently touring India, has been making waves with high-profile engagements. Earlier this week, he touched down in New Delhi, where he held discussions with Prime Minister Narendra Modi and several Union ministers. His itinerary then brought him to Mumbai, where he met Maharashtra Chief Minister Devendra Fadnavis. The tech titan’s visit underscores his ongoing fascination with India’s innovative spirit, a theme he expanded upon in a recent blog post.

Writing on his personal site, Gates reflected on the trip’s impact: “I came away with fresh perspectives because India is brimming with clever, driven individuals addressing some of the globe’s toughest challenges in ingenious ways.” His words echo sentiments he shared ahead of the visit, when he praised Odisha’s farmers for leveraging artificial intelligence to boost agricultural outcomes—a story that’s garnered attention for its blend of tradition and technology.

The vada pav moment with Tendulkar, a national treasure, adds a light-hearted touch to Gates’s packed schedule. It’s not just a snack break; it hints at a potential collaboration, though details remain under wraps. For Indian fans, seeing two legends—one from tech, the other from cricket—share a casual bite is a rare treat, blending global influence with local flavour.

As Gates continues his journey, his interactions spotlight India’s dual role as a hub of innovation and a cultural powerhouse. Whether it’s AI-driven farming or a street-side snack with a sporting hero, his visit is proving to be a feast of ideas—and vada pav.

India’s gold loan provider Manappuram Finance saw its shares soar to an all-time high on Friday after Bain Capital revealed plans to invest $508 million for an 18% stake in the company. The move, analysts say, brings clarity to Manappuram’s management succession strategy and paves the way for stronger strategic control.

Bain Capital, a U.S.-based private equity firm, will subscribe to Manappuram’s shares and warrants at Rs 236 per share — a 9% premium over Thursday’s closing price of Rs 217.5. Following the transaction, Bain will jointly control the company along with other key stakeholders, referred to as ‘promoters’ under Indian regulations.

As of 12:05 p.m. IST on Friday, Manappuram’s shares surged by as much as 6.3% to Rs 231.08, marking their highest level on record.

Founder to step back as Bain gains influence

Founder and CEO V.P. Nandakumar, who has led the company for nearly four decades, will transition to the role of non-executive chairman once the investment is finalized. With Bain Capital now having rights to influence strategic decisions and appoint key roles including the CEO, analysts at Jefferies and CLSA have responded positively.

CLSA noted that the potential for re-rating of Manappuram’s stock is strong as new leadership takes over. Jefferies and CLSA have both raised their target prices by 14.6% and 20%, respectively, maintaining bullish ratings of “buy” and “outperform.”

Deal to boost gold loan business, offset microfinance losses

The deal is expected to close in the upcoming financial year and is likely to accelerate growth in the company’s gold loan segment, which currently contributes around 75% of its total revenue. With gold prices at historic highs, the demand for gold-backed loans remains robust.

Additionally, analysts expect part of the capital raised through the deal may be used to cushion the losses in Manappuram’s microfinance division. The company confirmed that Asirvad Micro Finance, its microfinance subsidiary, will withdraw its IPO draft filing amid changing market conditions and regulatory scrutiny.