E-commerce-focused logistics solutions provider Ecom Express has raised Rs 192 crore from existing investor Warburg Pincus, an affiliate of global private equity firm.
The investment was made through the private equity firm’s unit Eaglebay Investment.
According to documents with the registrar of companies, a ‘Supplemental Agreement’ was made on September 8 in which 609,524 compulsorily convertible preference shares (Series III CCPS) were issued and allotted by way of preferential allotment to Eaglebay Investment at Rs 3,150 per Series III CCPS for an aggregate subscription amount of Rs 192,00,00,600, reports ET.
Earlier, Warburg Pincus had invested Rs 850 crore in Ecom Express in 2015. The logistics company also raised about Rs 75 crore from mid-market private equity firm Peepul Capital in September 2014.
Warburg Pincus has been active in logistics space. Previously, it had invested $75 million in Rivigo and third-party logistics company Stellar Value Chain.
Besides logistics, the PE firm invested $413 million in seven companies – including, auto portal CarTrade.com, Laurus Labs and Kalyan Jewellers, during 2014.
The Delhi-based startup was founded by former Blue Dart executives, T.A. Krishnan, Manju Dhawan, K. Satyanarayana and Sanjeev Saxena. The firm, which until now only handled last-mile deliveries, has recently started fulfilment services, which entails receiving, packaging and shipping products ordered by customers.
Ecom Express provides services such as cash-on-delivery, reverse logistics, dropship service, and same-day delivery. Its clientele includes e-commerce companies such as Amazon, Flipkart, Snapdeal, Paytm, Shopclues, Infibeam, among several others.
Also Read: Not selling soon: Snapdeal pours in $23.7 Mn into Vulcan Express
Ecom Express delivers to about 11,000 pin codes across the country. It operates about 1,200 delivery centres (800-1,500 sq. ft each) and 33 transit hubs (5,000-30,000 sq. ft each), according to the company’s website.
Apart from Ecom Express, Delhivery, Xpressbees and Flipkart-owned Ekart, are among the largest delivery firms focused on e-commerce in India.
Ecom Express: Website
