Shree Maruti Franchise
Courier counter franchise from a 1985 Gujarat network with 3,500+ franchisees; terms unpublished, est. ₹2–5 L*. FY25 revenue ₹833.9 Cr.
Shree Maruti franchise at a glance (terms checked Oct 2026)
Investment
₹2 L - ₹5 L*
Estimate — not published by the brand · incl. fit-out, equipment, working capital · excl. rent deposit, fee
Ongoing take
No royalty
Franchise fee
No franchise fee
Payback
Not published
* Not verified — the brand doesn't publish this; the figure comes from other published sources or FranchiseChuno's estimate (see "Reported elsewhere" and "Our estimates" below). Real numbers can differ.
- Franchisor made a loss of ₹1.6 Cr in FY25
- Outlet network shrank from 3551 (Active franchisees claimed on its franchise page, Oct 2026) to 1600 (Franchise outlets, 2006–2010 (brand's journey page: 1,600+))
- Legal or regulatory action on record — see Reputation & News
- Disputes with franchisees: None found (records checked Oct 2026)
- Revenue trend: +22% revenue FY24→FY25
- Ongoing take: No royalty
Franchisor strength isn't franchisee profit — check real outlet numbers.
Outlets
3,551 (brand claim)
What we couldn't verify
- • Outlet closures
- • Franchisee satisfaction
- • Outlet claim matches reality
- • Can sell the business
Ask before you sign
- Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
- Get a written, itemised cost breakdown — the brand hasn't published one.
- Ask for every upfront payment in writing — deposit, onboarding, equipment or stock — and which parts are refundable.
Franchise terms checked against Shree Maruti's official franchise page on 10 Oct 2026. Figures marked * aren't published by the brand — they come from other published sources or our own estimate, and aren't verified.
Ways to Partner with Shree Maruti
1 partner model published by the brand. Figures it doesn't publish are left blank.
SMILe franchise counter (exclusive)
- Space
- From 100 sq ft
- Royalty / margin
- Commission on bookings and deliveries; rates not published
- Territory
- Exclusive territory assigned to each franchisee (franchise page); the application form also offers a non-exclusive type
- Who it suits
- 2–3 years of courier/cargo experience, computers and internet, own delivery vehicles
Fee, investment and term not published.
Our Estimates
FranchiseChuno estimateShree Maruti doesn't publish these, so here is our best read of the market and how we got there. They are our estimates, not the brand's figures — use them to plan, then confirm the real numbers in writing.
All-in cost of a SMILe courier counter
₹2–5 L*
Shree Maruti publishes no investment, fee or commission. It requires a ground-floor office of at least 100 sq ft near the road, computers and internet, and a ready fleet of delivery vehicles, and its own Dec 2025 franchise guide tells applicants to plan a 3–6 month buffer for staff salaries and packaging. Our build-up: counter fit-out and signage about ₹0.5–1 L; two computers, a printer and a weighing scale about ₹0.6–0.9 L; delivery two-wheelers from nil (applicants who already own the 'ready fleet' the brand asks for) to two new ones at about ₹0.9 L each; and about three months of two delivery staff plus a counter hand and packaging, roughly ₹1–1.3 L. That gives about ₹2–5 L, excluding the office rent deposit and the unpublished franchise fee. Rough guide only — confirm with existing counter owners.
Unit-economics model · Oct 2026
Reputation & News
5 red flags to checkWhat the press, courts and real franchisees or customers have said about Shree Maruti — summarised by us, with every source linked.
⚠ Scam alert
Brand warns of a lookalike 'Shree Maruti Logistics' website
Shree Maruti's site says a 'Shree Maruti Logistics' platform is fraudulent and not part of the company, and that it never asks for delivery or pickup charges through payment gateways.
Source: Shree Maruti website (the brand's own site)- In the news· Mar 2026
CARE flags sharp fall in profitability; BBB (Stable) reaffirmed (Mar 2026)
CARE says operating margin fell from 10–12% to 8.8% in FY24 and 4.0% in FY25, lower than it expected, as contractual staff were hired for new ventures; net losses of ₹44.8 Cr (FY24) and ₹1.6 Cr (FY25). It also notes fresh ₹12 Cr advances to an e-commerce aggregator.
Source: CARE Ratings - In the news· May 2025
₹76 Cr advances to an unrelated business written off in FY24
CARE's May 2025 rationale says Shree Maruti advanced ₹76 Cr to an unrelated business in FY20–FY22 and wrote it off in FY24, causing the loss and eroding net worth.
Source: CARE Ratings - Customer view· Oct 2026★ 2.6/5 · 1,520 ratings
Android app rated 2.6/5 from about 1,520 reviews
The Shree Maruti app on Google Play (1 lakh+ downloads) is rated 2.6 out of 5.
Source: Google Play - Legal / regulatory· Jan 2022
Consumer commission upholds payout for an undelivered parcel (Jan 2022)
The Chandigarh State Consumer Commission dismissed Shree Maruti's appeal and upheld an order to pay ₹27,116 plus ₹7,000 for a parcel of keys booked at its franchisee office in 2019 and never delivered; it rejected the company's reliance on its liability cap for uninsured shipments.
Source: State Consumer Commission, Chandigarh via Indian Kanoon - Legal / regulatory· Sep 2023
Named among the accused in a Kolkata criminal complaint over undelivered goods (2022–23)
A customer's criminal complaint (Complaint Case 1155 of 2022, Calcutta) names Shree Maruti and other courier firms; the High Court's summary says the main allegation is that another accused took the goods back after booking. The Calcutta High Court stayed the case against Shree Maruti and four others until Dec 2023 while it heard their plea to quash it. These are allegations; the outcome was not found.
Source: Calcutta High Court via Indian Kanoon
Show 2 moreShow fewer
- employee_opinion· Oct 2026★ 4.1/5 · 188 ratings
Employee rating 4.1/5 on AmbitionBox (188 reviews)
188 employee reviews average 4.1 out of 5.
Source: AmbitionBox - Legal / regulatory· 2021–2025
Repeated arbitration petitions against franchisees and agency partners (2020–2025)
Gujarat High Court records show Shree Maruti obtaining arbitrator appointments against a franchisee and several courier-agency operators who did not respond, including one claim of ₹3.07 L. Outcomes of the arbitrations were not found.
Source: Gujarat High Court via Indian Kanoon
Key Terms at Shree Maruti
The clauses that shape day-to-day running and your exit — read these before the fee.
- Territory
- Shree Maruti says each franchisee is assigned an exclusive territory; its channel-partner application form offers both 'Exclusive' and 'Non-Exclusive' franchise types.
- Payments to the brand
- CARE Ratings (Mar 2026) reports that Shree Maruti gives franchisees about 30 days' credit and pays amounts owed to franchisees on three fixed dates a month (10th, 20th and 30th) after collecting from customers.
- Other terms
- Its franchise agreement carries an arbitration clause (para 86 of a franchisee agreement cited in the Gujarat High Court in 2021); the company has had arbitrators appointed against franchisees and agency partners who did not respond.
- Other terms
- Franchisees recruit, train and manage their own delivery agents and staff.
- Other terms
- Selection involves an application review, an interview, a site evaluation and then the agreement.
Legal & Contract Summary
Key contract terms at a glance — read before you sign.
Agreement Type
Franchisee-Owned, Franchisee-Operated
Contract Duration
—Renewal Available
—Territory Exclusivity
—Non-Compete Clause
—Exit Clause
—Who Can Apply for Shree Maruti
Conditions the brand sets for partners, and the licences the business needs.
- Office: Ground floor, within walking distance of the road, at least 100 sq ftRequired
- Experience: At least 2–3 years in the courier/cargo industry ('required' on the prerequisites; the FAQ says it makes joining 'easier')Required
- Technology: Computers and a stable internet connectionRequired
- Delivery fleet: A ready fleet of delivery vehicles; franchisee recruits, trains and manages its own delivery staffRequired
About the Brand
Brand USP
A 1985 Gujarat courier network that CARE Ratings counts at 3,522 franchise partners covering about 27% of India's PIN codes.
Why invest in Shree Maruti?
Shree Maruti by the Numbers
Source marked on each figure3,551+
Active franchisees · Oct 2026
Brand claim3,522 partners; ~157 hubs; 5,000+ PIN codes (~27% of India's)
Channel partners and regional hubs · Feb 2026
Independent3.6 Mn+ a month (2024)
Shipments · 2024
Brand claim550+ by 2025
EVs in last-mile delivery · 2025
Brand claimAbout 90% from traditional courier services (FY25)
Revenue mix · FY25
IndependentShree Maruti Outlet Network
Outlet count over time
- 20101,600
Franchise outlets, 2006–2010 (brand's journey page: 1,600+) · shreemaruti.com
- 20222,800
Locations, 2021–22 (brand's journey page: 2,800) · shreemaruti.com
- Jan 20253,054
Franchisees counted by CARE Ratings, 31 Jan 2025 · careratings.com
- Feb 20263,522
Channel partners counted by CARE Ratings, 28 Feb 2026 · careratings.com
- Oct 20263,551
Active franchisees claimed on its franchise page, Oct 2026 · shreemaruti.com
- Oct 20262,646
Locations stated on its store locator, Oct 2026 · shreemaruti.com
These counts come from different sources — brand claims, press reports and store locators — so they aren't a like-for-like series. Treat the brand's own claims as the upper end.
Cities with Outlets
Show all 90 citiesHide the city list
Company Financials
Brand-level, publicly reportedThe franchisor's own company health — separate from what a single franchise outlet earns.
Revenue (FY25)
₹833.91 Cr
Net loss (FY25)
₹1.57 Cr
Employees (May 2026)
1,933
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Health Check
What Shree Maruti's franchisor company has filed with the registrar and the courts — the checks a lawyer would run before you sign.
- Status with the registrar
- Active
- Annual filings
- Up to date
- Last AGM
- 31 Oct 2025
- Late payments to small suppliers
- 159
- Paid-up capital
- ₹50 L
- Brand trademark
- Registered — several 'Shree Maruti Courier Service(s)' and 'Shree Maruti Integrated Logistics' marks in Classes 39 (courier and cargo services) and 16, held by the company
Group companies
- Delcaper Technologies Pvt LtdSubsidiary · 100%
- Coldverse Supply Chain Pvt LtdSubsidiary · 100%
- Shree Maruti Seva FoundationAssociate · 40%
- Green Logitech LLPSubsidiary
Source: MCA filings via Tracxn; CARE Ratings; FY25 annual return; Indian Kanoon (checked Oct 2026)
Full company recordsFinancials year by year, registered details, leadership and timelineShowHide
Shree Maruti Financials Over Time
Figures for the brand, from filed or reported accounts.
Source: MCA filings via Tracxn
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Profile
The legal entity behind the brand, its leadership, and its official channels.
- Registered name
- Shree Maruti Integrated Logistics Limited
- Company type
- Public Limited Company (unlisted; formerly Shree Maruti Courier Services Pvt Ltd)
- CIN
- U64120GJ1987PLC010124
- Incorporated
- 12 Nov 1987
- Headquarters
- Rajkot, Gujarat (registered office)
Leadership
- AAjaykumar Rambhai MokariyaManaging Director
- MMaulik Rambhai MokariyaChairman & Director
- GGanesh IyerJoint Managing Director
- RRam MokariyaFounder (1985)
Social presence
Company details source: MCA records via Tracxn; CARE Ratings
Shree Maruti Timeline
1985
Single office opens in Porbandar, Gujarat
Started as Maruti Travel & Cargo; founded by Ram Mokariya as a partnership firm (CARE).
Nov 1987
Incorporated as Shree Maruti Courier Services Pvt Ltd
Source2006–2010
Network passes 1,600 franchise outlets
2021–2022
2,800 locations covering 4,595+ PIN codes
FY24
₹76 Cr of advances to an unrelated business written off; net loss of ₹44.8 Cr
Source2024
Converted to a public limited company; renamed Shree Maruti Integrated Logistics (SMILe)
SourceFeb 2026
3,522 channel partners and ~157 regional hubs (CARE)
SourceMar 2026
CARE reaffirms BBB (Stable) / A3+
Source
FranchiseChuno Analysis
Our analysis of verified dataHow Shree Maruti looks once the numbers are checked side by side.
- !The franchisor company is loss-makingIts latest filed accounts show a net loss. Franchisors that lose money can cut support or change terms — ask how franchise operations are funded.
- ✓Brand operating for 41 yearsFounded in 1985. The brand doesn't state when franchising began.
- !5 red flags in the news or public discussionSee Reputation & News below, and ask the brand to address each one.
Data completeness
55%
- ✓ Terms checked against the brand's own page
- ○ Published investment (not an estimate)
- ○ Franchise fee
- ○ Royalty
- ○ ROI or payback claim
- ○ Agreement term
- ✓ Training details
- ✓ Outlet cities verified
- ✓ Company financials
- ✓ Legal entity
- ✓ News & public opinion checked
Ask Before You Sign
Questions tailored to what Shree Maruti does and doesn't publish.
- 1Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
- 2Get a written, itemised cost breakdown — the brand hasn't published one.
- 3Ask for every upfront payment in writing — deposit, onboarding, equipment or stock — and which parts are refundable.
- 4Ask exactly how your margin or commission is calculated, when it's paid, and whether the brand can change it.
- 5Ask for the agreement term, renewal fee and exit or transfer terms.
- 6Ask whether you get an exclusive territory, and how large it is.
- 7Ask how the franchisor funds training and support while it's loss-making.
- 8Ask the brand to respond to each red flag listed under Reputation & News.
- 9Have a lawyer review the franchise agreement before paying anything.
- 10Visit 2–3 existing outlets and speak to their owners without the brand present.
Running the outletSpace, staff, launch steps, training, support and who does whatShowHide
Operations Required
What you'll need on the ground to run this franchise day-to-day.
Area Required
100 sq ft
Staff Needed
—
Setup Time
—
Owner Involvement
—
Best Locations
Not published
Business Type
Not published
Training & Support
What the brand provides to help you launch and run your franchise.
Operations Manual
Step-by-step playbook for running the outlet
Supply Chain Support
Vendor sourcing, inventory & logistics
Technology / POS
Billing, inventory, and management software
Marketing Support
National & local marketing campaigns
Launch Support
Pre-opening setup and grand-opening assistance
Ongoing Field Support
Regular visits and operational coaching
Training Programme
Ongoing Support
What Shree Maruti franchisees say
We haven't yet heard from enough Shree Maruti franchisees to show anything. We publish totals once 3 or more people who run an outlet have answered and we've called each one to check.
I run a Shree Maruti outlet — share how it wentFrequently Asked Questions
What is the total investment for a Shree Maruti franchise?
What training does Shree Maruti provide?
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