CDC Group pumps more money in Ecom Express
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Gurugram-based logistics-tech firm Ecom Express Pvt Ltd on Tuesday said it has received additional funding from existing investor CDC Group.
The UK's development finance institution (DFI) has made a $20 million (Rs 146 crore) investment.
Last month, VCCircle reported that CDC was set to invest $20 million in Ecom Express in a rare follow-on bet for the DFI.
This is CDC’s second round of investment in the firm after its initial investment in December 2019.
Srini Nagarajan, managing director and head of Asia at CDC, said that the DFI's additional investment reflects its support for the company’s pan-India expansion.
The bet is in line with CDC’s strategy of going big on direct investments in the country.
Moreover, the equity infusion in Ecom Express comes just months after Partners Group said it would invest $250 million (about Rs 1,840 crore) in the firm.
The Switzerland-based investor would buy the stake from American private equity firm Warburg Pincus.
Founded in 2012, Ecom Express provides technology-enabled logistics services to the Indian e-commerce industry in over 2,650 towns across 27,000 pin codes in India, and covers over 95% of the nation’s population.