Ecom Express is a logistic startup that plans to raise $172 million from its existing investors via the right issue. This will mark the startup’s first investment round. The startup plans to use these fresh proceeds to expand its network, meet operating expenses, and for general corporate purposes. We are talking about Logistic startup Ecom Express to raise $172 million via the right issue.
The board at Ecom Express have approved a resolution to allot 15,70,000 CCP shares at an issue price of Rs 9,071 each to raise Rs 1,424 crore. The company offers various logistic solutions to the Indian e commerce industry. The startup provides customized storage solutions to D2C brands, grocery platforms, e-commerce, and retail brands. Ecom Express reported that it has served logistic services in more than 2700 towns and 27,000 pin codes in the country. The startup claims to have served more than 1 lakh online sellers and has done around 1.6 billion deliveries to date.
This logistic startup employs over 50,000 people with 3000 facility centers in India. The company previously secured 39 million USD from its existing investors, including Partners Group and CDC Group. The startup has raised a total of 250 million USD since its inception. The firm was planning for an IPO and got approved for the $648 million fundraising via public issues of shares, but it was delayed. The company uses data science, machine learning, and artificial intelligence technologies to offer the best services to its users.
This startup uses new-age technologies, logistic services, and supply chain solutions to provide its services across 26 countries and 6 union territories. The startup offers services including first-mile pickup, last minute delivery, courier delivery, reverse logistics, and more. The company reported a 21.9 percent increase in its functional profit to Rs 2,548 crore in FY23 from Rs 2,090 crore in FY22. The courier services account for 90 percent of the total revenue. However, the losses also increased by 4 times to Rs 375 crore for the fiscal year 2023.
Conclusion
Ecom Express is a logistic startup that plans to raise $172 million from its existing investors via the right issue. The company will use these fresh proceeds on its infrastructure, capital expenditure, operating expenses, scaling operations, and for general corporate purposes. The firm offers tailored storage solutions to D2C brands, grocery platforms, e-commerce, and retail brands. The board at the company approved a resolution to lot CCPs at an issue price of Rs 9,071 each to raise Rs 1,424 crore.
This logistic startup employs over 50,000 people and has 3000 facility centers in India. The startup provides a platform with various services, including first-mile pickup, reverse logistics, and more. The company has developed over 150 gateways, hubs, fulfillment centers, and processing units. The startup claims to have served more than 1 lakh online sellers and has done around 1.6 billion deliveries to date. The firm uses data science, machine learning, and artificial intelligence technologies to offer top services to its users. The startup offers various logistic solutions to the Indian e-commerce industry.
