Logistics and warehousing firm Ecom Express has raised Rs 148 crore or $20 million from Swiss private equity firm Partners Group. This comes after the Delhi-based company announced a $20 million follow-on round on Tuesday from CDC Group, the UK Government’s development finance institution and impact investor.
Ecom Express has allotted 3,28,418 equity shares at Rs 9,002.89 per share to raise Rs 296 crore (Rs 148 crore each) from CDC and Partners Group, regulatory filings show.
It’s worth noting that Partners Group was reportedly in talks with Ecom Express to pump in a larger round of $250 million and acquire around 35% stake in the company.
According to Fintrackr’s calculation, Partners Group now holds a 35.63% stake in the company while CDC Group controls 9.81%. Before this round, Warburg Pincus was the largest stakeholder in the company with over 75% equity holding. It appears that Partners Group will invest the remaining amount soon.
Apart from this primary allotment, both CDC and PG Esmeralda have picked up undisclosed shares from the Ecom Express’ promoters and its parent entity Eagle Bay Investment Ltd in a secondary transaction, regulatory filings show.
Entrackr’s queries to Ecom Express and Partners Group did not elicit an immediate response.
In its regulatory filings, Ecom Expres has also mentioned that it is raising funds to meet the working capital requirement and for capital expenditure including to set up new order fulfilment centres. It will also focus on the up-gradation of technology and installation of CCTVs hardware software tracking devices and X-ray machines.
Launched in 2012, Ecom Express claims to provide logistics services in over 2,650 towns across 27,000 pin codes in India. It employs over 36,000 people and has 2,932 facility centres.
According to the company’s annual financial statement for FY20, Ecom Express had recorded a turnover of Rs 1,254 crore. During the period, its losses were recorded at Rs 313.52 crore.