E-commerce-focused logistics solutions provider Ecom Express has raised a
mammoth Rs 850 crore in fresh funding from an affiliate of global
private equity firm Warburg Pincus, as investors continue to back
ventures providing services to online retail companies.
While the
exact terms of the transaction were not disclosed, the capital
commitment is the latest deal in the logistics solutions segment. It is
yet unclear, whether existing private equity backer, Peepul Capital,
also reportedly the majority stakeholder in Ecom Express, has also
participated in the new round.
In May, global investment firm
Tiger Global, which has strongly backed a number of consumer internet
ventures in India, led an $85 million (Rs 542.4 crore) round in
Delhivery, reportedly valuing the five year-old company close to Rs
2,000 crore.
“There is a significant need for logistics capacity
in India to serve the requirements of the e-commerce industry, and
businesses are seeking reliable service providers who can scale up with
them,” said Viraj Sawhney, managing director, Warburg Pincus India.