Gurugram-headquartered e-commerce logistics company Ecom Express Private Limited is raising about $172 million (Rs 1,424 crore) from existing investors via rights issue, Entrackr reported.
The board of Ecom Express has passed a special resolution to issue 15,70,000 compulsory convertible preference shares (CCPS) at an issue price of Rs 9071 each to raise the sum, the report said quoting the company’s latest RoC filings.
Ecom Express will use the proceeds for general corporate purposes, capital expenditure, and operating expenses among others, it said.
Back in October 2022, Ecom Express had raised $39 million from existing investors including CDC Group and Partners Group. In March 2021, CDC Group, the UK Government’s development finance institution, also invested $20 million in the company.
Founded in 2012, Ecom Express provides end-to-end technology-enabled logistics solutions to small and large e-commerce players in over 2,700 towns and 27,000 pin codes in India. The company’s products include Ecom Express Services (EXS), Ecom Fulfilment Services (EFS), and Ecom Digital Services (EDS).
The company employs over 50,000 people and has more than 3,000 facility centres.
After establishing a foothold in India, Ecom Express marked its maiden venture outside the country in early 2021 with its investment in Paperfly, Bangladesh’s largest third-party e-commerce logistics (3PL) firm.