Logistics is a deceptively complex industry, with over 60 sub-segments spanning modes of transport, services and assets. It is also a sector that has seen significant and consistent merger and acquisition activity: $2 billion invested in more than 200 announced deals over 2008-18. But it is also perceived as an industry where high financial returns are elusive. Several logistics sub-segments are significantly impacted by regulations. Execution delays are common in India—be it for warehouse set-up, rail linkage permissions or customs approvals for Inland Container Depots (ICDs). Technology and business model innovations have had a major impact on the logistics industry, especially in the last five years. New transportation operating models, e-freight forwarding and the “Uberization” of trucks are some examples of disruption. Innovation in logistics must result in one of three outcomes: lower prices, lower operating costs or enhanced customer experience. Seven years ago, there were hardly any e-commerce logistics companies in India; today, there are several which have delivered rich returns to investors. Regulatory, macro-economic or customer need changes can positively or negatively impact the logistics industry. GST is transforming warehousing and e-commerce is changing express logistics.