“We have been aggressive on our growth plans and intend to achieve our strategic goal of extending full state coverage to 23 states and cover 80 percent pin codes of the country within the next 2 years,” said Ecom Express Founder Manju Dhawan.
The investment in the current round was made by Warburg Pincus’ unit Eaglebay Investment, basis the documents with the registrar of companies (RoC).
This is the second time that the private equity giant Warburg Pincus has invested in Ecom Express. In the first round, Pincus had invested Rs 850 crore in the company in 2015.The documents filed with RoC shows that a `Supplemental Agreement’ was made on September 8. As per the agreement, 609,524 compulsorily convertible preference shares (Series III CCPS) were issued and allotted via preferential allotment to Eaglebay Investment at Rs 3,150 per Series III CCPS for an aggregate subscription amount of Rs 192,00,00,600.
In India, Warburg Pincus has also invested about Rs 500 crore in Gurgaon-based logistics services provider Rivigo for a minority stake. It is also an investor in third-party logistics company Stellar Value Chain.
Ecom Express was founded in 2012 by T A Krishnan, Manju Dhawan, K Satyanarayana and Sanjeev Saxena. It is a single point of contact for multiple services provided to e-Commerce players.