Deep Ensembles (DE) are a prominent approach achieving excellent performance on key metrics such as accuracy, calibration, uncertainty estimation, and out-of-distribution detection. However, hardware limitations of real-world systems constrain to smaller ensembles and lower capacity networks, significantly deteriorating their performance and properties. We introduce Packed-Ensembles (PE), a strategy to design and train lightweight structured ensembles by carefully modulating the dimension of their encoding space. We leverage grouped convolutions to parallelize the ensemble into a single common backbone and forward pass to improve training and inference speeds. PE is designed to work under the memory budget of a single standard neural network. Through extensive studies we show that PE faithfully preserve the properties of DE, e.g., diversity, and match their performance in terms of accuracy, calibration, out-of-distribution detection and robustness to distribution shift.