We’re all used to ordering off Amazon, H&M, Sephora, and the like. And oftentimes, the product in question might be imported: skincare, apparel, gourmet food, or books. The products may be from abroad, the marketplace may be associated with a global multinational — but most of the time, the handling, fulfilment, and delivery is executed by an Indian third-party logistics partner.
Here’s a look at 4 major smallcap logistics companies that handle fulfilment and supply chain management for India’s e-commerce ecosystem.
The needs of the e-commerce ecosystem
Selling online involves much more than packing and shipping a package after an order is placed. Large e-commerce companies like Amazon, Flipkart, Meesho and other omnichannel retailers depend on a network of 3PL (third-party logistics) providers to manage different parts of their supply chain, particularly when expanding into new regions.
- Warehousing: This involves storing inventory close to demand centres to reduce delivery times. 3PLs manage and run dedicated warehouses that cater to multiple clients, giving retailers room to scale storage without investing in their own facilities.
- Inventory management: All sellers need to track stock levels, locations, know when to replenish and keep an accurate record of all their and inventory. This is where inventory management comes in. 3PL providers step in by offering their own WMS (Warehouse Management Systems), barcode and RFID tracking (radio frequency identification, a wireless technology that uses electromagnetic fields to automatically track and identify tags attached to objects)real-time inventory visibility and demand forecasting.
- Transport: This is one of the most important aspects, moving from factories to warehouses to to customers. 3PL providers can handle this aspect via road freight, express parcel, line-haul transportation, B2B cargo and last-mile delivery, instead of retailers handling their own transport.
- Regional distribution: It’s important that retailers position inventory across multiple cities to reduce transit time and ensure timely delivery. 3PL providers operate large fulfilment centres in key hubs like Delhi NCR, Mumbai/Bhiwandi, Bengaluru, Chennai, Hyderabad and Kolkata, making pan-India delivery faster and seamless.
- Reverse logistics/returns: Millions of customers generate returns everyday for products that don’t suit them. This sets in motion a chain of events: processing customer returns, quality checks, refurbishment of the product, and restocking. Retailers rely on 3PL providers to handle the product’s collection, inspection, reintegration into inventory or disposal, which helps them reduce losses from the returns process.
Apart from these services, most 3PL also provide technology integration (with platforms like Shopify, WooCommerce, and order management systems) as well as value-added services like customisation, labelling, packaging etc. Instead of owning and operating every warehouse and delivery asset themselves, many retailers use third-party logistics providers because they offer scalability, lower costs, and a pan-India reach.
The smallcaps delivering what e-commerce needs
There are four major smallcap companies with a pan-India presence that help handle everything from warehousing to last-mile delivery.
Delhivery: Full range logistics services, from parcels to heavy goods.
Delhivery offers a full range of logistics and value-added services to over 220 countries and territories.
- Key offerings: The company offers warehousing and fulfilment, inventory management, express parcel, PTL and TL (partial truck load and truck load) freight, cross-border logistics, reverse logistics, and supply chain software.
- Regional presence: Delhivery operates pan-India, serving all states and Union Territories across 18,850+ pin codes.
- Fulfilment and warehousing footprint: The company has 85 fulfilment centres with 6.5+ mn sq. ft. Their key hubs are Delhi-NCR, Bhiwandi (near Mumbai), Bengaluru, Hyderabad, Chennai, Kolkata, and Guwahati. Also operates 50 automated sort centres, 123, gateways and 4,500+ delivery centres. Their Bhiwandi hub is among the largest, covering 1.2 mn sq. ft.
- Client profile: Delhivery serves e-commerce marketplaces, D2C brands, enterprise retailers and marketplace sellers. There is no clear public disclosure of Amazon and Flipkart as direct customers.
Mahindra Logistics: Integrated logistics and mobility services for a diverse client roster
- Key offerings: Mahindra Logistics offers a suite of services, including contract logistics, dedicated and multi-client warehousing, warehouse automation, fulfilment, transportation, in-plant logistics, and last-mile delivery.
- Regional presence: While they cover all of India, their major operations are across Delhi-NCR, Mumbai, Pune, Ahmedabad, Bengaluru, Chennai, Hyderabad and Kolkata. Their B2B express and PTL network covers 19,000+ pin codes, with 200 processing centres, over 500 first and last-mile partners, more than 26 trans-shipment hubs and distribution centres and more than 1100 routes and trucks.
- Fulfilment and warehousing footprint: As per their annual report, the company has 20+ mn sq. ft. of warehousing under management (FY26). They maintain and manage facilities across major logistics hubs supporting retail, manufacturing and e-commerce.
- Client profile: In late 2024, the company announced the expansion of its multi-client warehousing capacity in Nashik to 5 lakh sq. ft. The Nashik facility offers inbound logistics and distribution solutions for automotive, engineering goods, and consumer durables customers. The company is also operationalising eight new projects across manufacturing and e-commerce. The key customers like Cummins, Bosch, Amazon, Flipkart, and Mahindra are providing repeat business.
TVS Supply Chain Solutions: Supply chain management specialists
- Key offerings: The company’s revenue mix is split between integrated supply chain solutions (which includes contract logistics, warehouse management, fulfilment, distribution centres, transportation, aftermarket logistics, inventory management, and value-added services like supply chain management consulting) and network services (cross-border logistics and more).
- Regional presence: The company has a pan-India presence, and is particularly strong in Chennai, Hosur, Bengaluru and Hyderabad.
- Fulfilment and warehousing footprint: TVS Supply Chain Solutions operates around 300 warehouses globally. In March 2024, TVS SCS expanded their warehousing capacity in India to 21.85 million sq. ft. by adding 6.5 lakh sq. ft. of ultra-modern warehousing space in Hosur.
- Client profile: The company has a wide base of over 6,900 customers, including 78 Fortune 500 clients in FY24. TVS SCS states that it works with e-commerce businesses of all sizes for deliveries, returns, warehousing and transportation.
Allcargo Logistics: Specialised logistics services across multimodal transport operations
- Key offerings: Allcargo Logistics handles contract logistics, warehousing, freight forwarding, multimodal logistics, distribution, in-plant logistics, and import/export cargo movement via CFS/ICD operations. The company has an expansive and robust ground express network, linking long-haul with last-mile delivery.
- Regional presence: The company operates 69 logistics parks, 22 surface transshipment hubs, and 18 express distribution centres, with a presence in and around major hubs like Chennai, Bengaluru Hyderabad, Farukhnagar (Gurugram), Nagpur, Guwahati, Bhiwandi (Mumbai), Indore and Vijayawada.
- Fulfilment and warehousing footprint: In its 2024-25 annual report, Allcargo has stated that it operates 69 strategically located logistics parks across India, serving a range of sectors including chemicals, pharmaceuticals, and food. The company had 7.2 million sq. ft. under management in FY2025.
- Client profile: Allcargo Serves retail, consumer goods, e-commerce, electronics and manufacturing customers; with retail making up 19% of their express logistics revenue mix.
Behind every online purchase is a complex supply chain spanning warehouses, fulfilment centres, transportation networks and last-mile delivery. Even as companies like Amazon and Flipkart build their own logistics infrastructure, India’s online retail ecosystem continues to rely on specialist third-party logistics providers for warehousing, fulfilment, transportation and regional distribution capacity — meaning that these smallcaps are not likely to slow down anytime soon.
Sources
DHL supply chain fulfillment network
Delhivery annual report 2024-25
Mahindra Logistics Ltd share price | About Mahindra Logis. | Key Insights – Screener
TVS Supply Chain Solutions Ltd share price
Allcargo Logistics Annual Report 2024-25
Allcargo Logistics Ltd share price
Ecommerce’s in-house delivery turn flips third-party logistics biz script