PE Fund Investments
Logistics co Ecom Express raises $39-M from Partners Group, Warburg Pincus, BII
Gurugram-based logistics firm Ecom Express has raised USD 39 million from existing investors. The round was led by Partners Group (through PG Esmeralda Pte Ltd), which infused USD 29 million (INR 234 crore) in exchange for 2,64,579 Series IV Compulsorily Convertible Preference Shares (CCPS). It was followed by Warburg Pincus which pumped in USD 5.8 million (through Eaglebay Investment Ltd) for 52,195 Series IV CCPS. UK-based British International Investment Plc (formerly CDC Group) invested USD 3.7 million for 33,623 CCPS. The development comes days after reports said that it was mulling over stalling its IPO plans amidst market volatility. The startup is reportedly in talks with e-commerce giant Amazon to sell a 51% stake for roughly USD 500 million. Ecom Express reported a profit of INR 43.4 crore in FY21 as against a loss of INR 313.5 crore in FY20. Its consolidated revenue jumped 33% to INR 1,627 crore from INR 1,254 crore in FY20.
From the Venture Intelligence PE-VC Deal Database: Between Jan-15 and Dec-20, Ecom Express had raised over USD 428 M from Partners Group, Warburg Pincus and BII. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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