Gurgaon based Ecom Express Pvt. Ltd, an e-commerce logistics company, has secured R850 Cr (approx $132.73 Mn) funding from Warburg Pincus.
The infusion will help the Ecom Express to expand its delivery footprint in Tier III, IV towns and rural centres across the country. The firm will also be used proceeds towards technology, strengthen network reliability and infrastructure.
J. Sagar Associates (JSA) was acted as a legal advisore to Ecom Express while Warburg Pincus was advised by AZB & Partners for this transaction.
Last year, the startup had raised over R100 Cr from Peepul Capital. Previously in 2013, it had received $1.5 Mn angel funding from Oliphans Capita.
Ecom Express, which launched its operations in January 2013, claims to service more than 2,800 pin-codes through more than 320 delivery centers and 8,000 employees in about 210 cities. The firm is also aiming to handle about 50 million packages this year.
The start-up, founded by professionals with several decades of cumulative experience in the logistics and distribution industry, focuses on logistics services for the booming e-commerce industry. The company is led by T.A. Krishnan, who helped start the e-commerce business at Blue Dart.
Ecom Express has a stated objective of servicing over 10,000 pin codes covering more than 1,500 towns and cities, across the country, over the next few years.
Earlier in May, Peer Delhivery had raised R540 Cr ($85 Mn) in Series D round of funding led by VC firm Tiger Global Management along with participation of existing investors including Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.