A New Delhi based logistics service company Ecom Express has raised 192 crore from existing investor Warbug Pincus. The investment was made through Eaglebay Investment.
About the Supernatural Agreement
Warburg Pincus had put Rs 850 crore in Ecom Express in 2015. Ecom Express was established in 2012 by T A Krishnan, Manju Dhawan, K Satyanarayana and Sanjeev Saxena. The RoC documents showed that a ‘Supernatural Agreement’ was made on September 8 in which 609,524 compulsory convertible preference shares(Series III CCPS) were issued and allotted to Eaglebay Investment at Rs 3150 per Series III CCPS for an aggregate subscription amount of Rs 192,00,00,600.
Warburg Picus as an active investor
Warburg Pincus has been an active investor in the logistics space in the nation as of late. It contributed $75 million (Rs 500 crore) in Gurgaon-based logistics services provider Rivigo a year ago for a minority stake. The PE firm is additionally a speculator in outsider logistic company Stellar Value Chain. ET announced in July that Warburg Pincus was in the fray to gain Snapdeal‘s logistics arm Vulcan Express, alongside different players, for example, express circulation and production network organization Gati and TVS Logistics.
Ecom Express launches Warehousing facilities
Ecom Express has propelled its warehousing offices in a few urban areas and hopes to benefit more than 15,000 stick codes covering more than 2,000 towns and urban areas throughout the following two years.
Flipkart and Amazon strengthens their logistics play
Online business pioneers Flipkart and Amazon have likewise strengthened their logistics play as of late. ET detailed a month ago that Amazon’s logistics business in India will offer administrations to enlisted vendors regardless of the possibility that requests are put through opponent firms or for their disconnected circulation.