Gurugram-based logistics startup Ecom Express which is heading for an initial public offering has finalized its IPO offer. The company will be issuing a fresh issue size worth of INR 2,160 Cr. The startup’s offer will also include offer-for-sale worth INR 2,700 Cr by existing shareholders.
The board of Ecom Express in a meeting held on December 9, 2021 has further finalized that the startup in consultation with BRLMS (Book Running Lead Manager(s)) may decide to raise an pre-IPO place round aggregating to INR 360 Cr. However, its unclear who all will be offloading their shares as part of the IPO.
Earlier, Inc42 sources had informed us that the startup intends to raise funds at $1.5 -$1.8 Bn valuation. The company also intends to raise INR 360 Cr in Pre-IPO placement, the filings revealed.
Last year, the logistics startup had raised $20 Mn from its existing investor CDC Group. It also counts Warburg Pincus, Partners Group, Peepul Capital amongst its investors. To date, it has raised close to $450 Mn across six rounds.
Also, Read This: eCommerce Logistics Startup Delhivery Has Raised INR 558 Crores
Founded in 2012 by TA Krishnan, Manju Dhawan, K Satyanarayana and Sanjeev Saxena, Ecom Express provides end-to-end logistics solutions. It facilitates first-mile pickup, processing, network optimization and last-mile delivery.
The startup operates in 2,400 towns across more than 25,000 Pin-codes in India. In February this year, it invested $11 Mn (INR 80.6 Cr) in Bangladesh’s third-party ecommerce logistics company Paperfly to make its maiden venture outside India.
In the financial year ending on March 31, 2021, Ecom Express had posted a revenue of INR 1,622 Cr, with a profit of INR 57 Cr. The logistics joins the likes of EaseMyTrip, CarTrade, Nykaa, ixigo, and boAt who are profitable and have gone or are heading towards a public listing.
With this move, Ecom Express becomes the second company from the logistics segment that is close to filing its draft red herring prospectus or DRHP with Sebi. In November 2021, India’s largest supply chain company Delhivery had filed its DRHP with the market watchdog for its Rs 7,460 crore IPO.
Also, Read This: Mumbai-based Logistics Startup Smart Express Has Raised Rs 100 crores