A leading end-to-end e-commerce logistics solutions provider, Ecom Express has raised Rs 192 crore from existing investor Warburg Pincus, reports Ettech. Earlier in 2015, Warburg Pincus has invested Rs 850 crore in Ecom Express.
According to the documents with the registrar of companies (ROC) as per Tofler, the investment was made through the private equity firm’s unit Eaglebay Investment. The RoC documents show that 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.
Founded in 2012 by T A Krishnan, Manju Dhawan, K Satyanarayana and Sanjeev Saxena, Ecom Express has brought to the marketplace unique and innovative practices. One of them being the full-state coverage programme which was initiated in the year 2016 with the objective of opening doors for e-commerce in remote and rural locations of India while offering rural consumers with greater opportunities emerging out of an e-commerce proposition. This expansion follows the earlier full-state coverage in Delhi, Haryana, Goa, Tamil Nadu, Telangana, Karnataka and Andhra Pradesh, which was completed last year.
Earlier in March 2017, Ecom Express has announced a major round of expansion by adding over 6000 more Pin Codes in its services and strengthening reach in the entire states of Punjab, Gujarat, Maharashtra, Bihar and West Bengal as part of its full-state coverage programme.
Ecom Express takes the total pin code coverage to more than 17000 entrenching its leadership position in the e-commerce logistics industry in terms of reach.
Whereas, Warburg Pincus has been an active investor in the logistics space in the country in recent years. According to the Ettech report, the firm has invested $75 million (Rs 500 crore) in Gurgaon-based logistics services provider Rivigo last year for a minority stake. The PE firm is also an investor in third-party logistics company Stellar Value Chain.