Logistics FCI rises to 59 in February as EV fleet platforms and ONDC logistics integration score above FCI 68.
Indian logistics and supply chain startups averaged FCI 59 in February 2026. EV-first fleet management platforms and ONDC-integrated logistics aggregators led the cohort. Agri-supply-chain platforms with APMC bypass capabilities and farm-to-fork traceability scored strongly with impact-aligned angels.
India Logistics & Supply Chain: February 2026 Snapshot
AletheiaAI reviewed 23 logistics decks in February 2026. Average FCI rose to 59 — continuing the sector's upward trajectory. EV fleet platforms and ONDC logistics integration emerged as the two highest-scoring themes.
Highest-Scoring Subsectors
EV-first fleet management platforms averaged FCI 69. FAME II subsidy eligibility, MoRTH's EV registration data integration, and verified per-km cost-reduction versus diesel fleets drove the highest subsector scores. Platforms serving D2C brands' last-mile with EV fleets showed dual-market positioning that investors found compelling.
ONDC logistics aggregators averaged FCI 67. The ONDC logistics layer is maturing — platforms serving as logistics service providers (LSPs) on the ONDC network showed GMV data that investors treated as structural demand validation. Three decks showed ONDC LSP revenue alongside B2B shipper contracts, demonstrating channel diversification.
Agri supply chain and APMC bypass averaged FCI 63. Farm-to-fork traceability platforms using APMC reform frameworks scored well. Two decks showed FPO (Farmer Producer Organisation) partnerships that replaced APMC intermediaries entirely — the angels reviewing these decks cited them as highest-conviction investments of the month.
Where Decks Fell Short
Courier aggregator marketplaces averaged FCI 48. Shiprocket's market position and Delhivery's price pressure make pure aggregation plays difficult to differentiate. No reviewed deck showed a proprietary algorithm or data moat that justified a premium over existing aggregators.
Warehouse management SaaS averaged FCI 50. Competition from global players (Manhattan Associates, Oracle WMS) entering India's enterprise segment made mid-market positioning arguments unconvincing.
Key Trends — February
EV logistics economics are improving faster than investors expected. Two platforms showed per-km costs 28% below diesel-fleet competitors — a data point that consistently moved angels from pass to invest. ONDC logistics layer volume is growing — the network added three new buyer apps in February, expanding potential GMV for ONDC LSPs. PM GatiShakti's multimodal hub data appeared in four decks, showing that founders are increasingly sophisticated about government infrastructure integration.
Investor Sentiment
INVEST/PASS reached 39%/61% — slightly above the platform mean and the best logistics reading so far in 2026. EV economics and ONDC logistics data are the two most compelling investment triggers in the sector.