The resolution said the capital is expected to come in multiple tranches. ET reported on October 7 that
$39 million has already come in from existing investors such as Warburg Pincus, CDC Group and Partners Group.
This comes after the company held several discussions with potential investors to raise funds. ET reported on July 1 that it
was looking to raise $125-150 million in a private funding round. Ecom Express is among a host of local startups that have put their initial public offering (IPO) plans on hold.
The company lost some of its business after Singapore’s Shopee exited the Indian market earlier this year. According to media reports, it even held talks with Amazon for a potential sale.
Prior to this internal funding round, the company had raised a total of $260 million.
The ecommerce logistics space is seeing increasing competition with Delhivery going public, Xpressbees becoming a unicorn this year, and Bengaluru-based Shadowfax holding talks to raise $75-100 million in funding, which ET reported on September 5.
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