The inclination toward vehicle-centric infrastructure is greatly impacting the safety of vulnerable road users, such as pedestrians, in many developing nations. It is evident from past literature that built-environment characteristics near vulnerable locations, such as bus stops, play a crucial role in the frequency and overall percentage of pedestrian deaths and injuries on the road. The present study, therefore, aims to evaluate the relative crash risk associated with pedestrians near high-risk bus stops based on traffic characteristics and built environment and suggest policy recommendations to counter such incidents in Delhi. The study was conducted in two broad segments, namely day-time and night-time, with 78 day-time and 98 night-time bus stops to better compare crash-influencing factors around these high-risk locations. Binary logistic regression was applied to determine the best-fit models. Built-environment features such as the width of sidewalks, presence of bus bays, traffic volume and the number of bus commuters are major impacting factors that cause pedestrian crashes during the day, while the way of crossing, cleanliness of sidewalks, disability-friendliness of sidewalks, lighting conditions, as well as the number of bus commuters, affects the safety of pedestrians at night.