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The Covid-19 pandemic has pushed the already flailing small and medium enterprise (SME) segment of the air freight and courier industry, which accounted for 25 per cent of the market in fiscal year 2019, into an air pocket.
CRISIL Research expects their revenue to decline 30-35 per cent in FY 2021, not only because of the pandemic-induced lockdown, but also their dependence on the document segment, which has been shrinking for a while now. This is bound to erode their market share.
The pandemic has exacerbated the pain of the document segment, which has been losing business to digital. Segments
