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Ecom Express records Rs 1,912 Cr revenue in first 9 months of FY25

EntrackrEntrackr · 4m ago
Ecom Express records Rs 1,912 Cr revenue in first 9 months of FY25
Medial

Ecom Express reported revenue from operations of Rs 1,912 crore during the first three quarters of FY25, according to an internal document reviewed by Entrackr. Ecom Express saw a dip in revenue alongside growth in losses. The company recorded Rs 2,653 crore in revenue for the full fiscal year FY24. Based on the current trajectory, Ecom Express is likely to close FY25 with around Rs 2,500 crore in revenue or possibly less. Ecom Express generated Rs 2,349 crore from courier services and Rs 260 crore from warehousing operations in the first nine months of FY25. The decline in revenue led Ecom Express to register a net loss of Rs 398 crore in the 9M FY25, compared to Rs 249 crore during FY24. Its adjusted EBITDA loss stood at Rs 104 crore in the first nine months of FY25. Before the acquisition, Ecom Express raised over $290 million. The discount sale of Ecom Express underscores the challenge of large logistics businesses with significant man-management requirements. Ecom Express has made progress with a strong leadership team in place.

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Ecom Express hit by 150 resignations before Delhivery deal: Report

EntrackrEntrackr · 2m ago
Ecom Express hit by 150 resignations before Delhivery deal: Report
Medial

Ecom Express hit by 150 resignations before Delhivery deal: Report Around 150 mid-level and regional operations employees have reportedly resigned from Ecom Express ahead of its acquisition by logistics firm Delhivery. According to a Mint report, the resignations come as the company awaits approval from the Competition Commission of India (CCI), which is expected within the next 45 days. The resignations are said to be voluntary; however, the forthcoming integration with Delhivery is anticipated to lead to role redundancies and operational restructuring. Ecom Express CEO Ajay Chitkara and other senior executives are also expected to exit after regulatory clearance, the report added. The development follows Delhivery’s planned acquisition of a 99.4% stake in Ecom Express Limited for a cash consideration of up to Rs 1,407 crore ($169.5 million). Before the acquisition, Ecom Express raised over $290 million in a round. Founded in 2012 and headquartered in Gurugram, Ecom Express is a full-stack, technology-driven logistics company. Delhivery declined to comment on the matter. Ecom Express reported revenue from operations of Rs 1,912 crore during the first three quarters of FY25, according to an internal document reviewed by Entrackr. For context, the company recorded Rs 2,653 crore in revenue for the full fiscal year FY24.

Exclusive: Ecom Express board approves Rs 2,600 Cr IPO

EntrackrEntrackr · 11m ago
Exclusive: Ecom Express board approves Rs 2,600 Cr IPO
Medial

Logistics firm Ecom Express appears close to file draft red herring prospectus as it has received board’s approval for initial public offering worth Rs 2,600 crore via a mix of fresh issue and offer for sale. The board at Ecom Express has passed a special resolution to approve its initial public offer of equity shares amounting to Rs 2,600 crore, which consists of Rs 1,284 crore of fresh issue and Rs 1,316 crore offer for sale, according to the company’s internal documents accessed by Entrackr. As per media reports, the Gurugram-based company already appointed bankers including Kotak Capital, IIFL, Axis Capital, and UBS for the IPO. Ecom Express’ major investors Warburg Pincus and Partners Group are likely to take part in the OFS, said sources. As per data intelligence platform TheKredible, Warburg Pincus is the largest external stakeholder with 48.26% followed by Partners Ground and CDC Group. This is the second attempt by the 13 year-old-firm for public listing. In February 2022, it approved a fundraise of up to Rs 4,860 crore via a public issue of shares. However, the firm put a hold on its IPO plan then. Meanwhile, Ecom Express is also raising Rs 1,424 crore (approximately $172 million) from existing investors via right issue. Since its inception, it has scooped up more than $250 million through equity and debt. Ecom Express claims to provide logistics services in over 2,700 towns and 27,000 pin codes in India. It employs over 50,000 people, and has more than 3,000 facility centers across the country. For the fiscal year ending in March 2023, Ecom Express’ revenue from operations increased by 21.9% to Rs 2,548 crore from Rs 2,090 crore in FY22. The company’s losses rose by 4X to Rs 375 crore in FY23 from Rs 91 crore in the previous fiscal year. It is yet to file its FY24 numbers. Ecom Express will be the second Indian startup from the logistics ecosystem that will be listed on the stock exchange. Its competitor Delhivery went public in May 2022. Flipkart-backed Shadowfax is also planning to raise up to Rs 3,000 crore through public listing.

Ecom Express’ revenue goes past Rs 2,500 Cr in FY23; losses surge 4X

EntrackrEntrackr · 1y ago
Ecom Express’ revenue goes past Rs 2,500 Cr in FY23; losses surge 4X
Medial

E-commerce-focused logistics company Ecom Express has managed 20% year-on-year growth during the fiscal year ended March 2023. However, the company’s losses skyrocketed four-fold as its shipping and employee benefits costs rose sharply in the same period. Ecom Express’ revenue from operations increased by 21.9% to Rs 2,548 crore in FY23 from Rs 2,090 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Twelve-year-old Ecom Express is an e-commerce focused logistics solution provider. Income from its courier services formed 90% of the revenue. This income grew 17.5% in FY23 whereas the remaining collections minted from warehousing services. The company also made Rs 34 crore from interest on deposits and current investments tallying its overall income to Rs 2,582 crore in FY23. See TheKredible for the detailed revenue breakup Expenses Breakdown Total ₹ 2,185 Cr Total ₹ 2,856 Cr ”https://thekredible.com/company/ecom-express/financials” View Full Data To access complete data, visit”https://thekredible.com/company/ecom-express/financials” Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Rent and repairs Rent and repairs Legal professional Legal professional Safety security Safety security Others To check complete Expense Breakdown visit thekredible.com View full data Caveat: We have not included the cost of impairment loss on non-financial assets during the fiscal year ending March 2023. The increased shipping cost and employee benefits made Ecom Express bleed heavily, shooting its losses up by 4X to Rs 375 crore in FY23 from Rs 91 crore in FY22. Its ROCE and EBITDA margin stood at -21% and -5.2% respectively. On a unit level, it spent Rs 1.12 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 4% -5.2% Expense/₹ of Op Revenue ₹1.05 ₹1.12 ROCE -4% -21% The Warburg Pincus-backed company has raised over Rs 2,000 crore ($240 million) to date. According to the data intelligence platform, TheKredible, Warburg Pincus was the largest external stakeholder with 48.26% followed by Partners Ground and CDC Group. Ecom Express was all set to float its initial public offering (IPO) in early 2022 as it approved a fundraise through a public issue of shares. However, it postponed listing plans in October 2022 and dialed up existing investors to raise $39 million during the same period. Built on a promise of wringing out more efficiencies with use of technology and other steps, the worsening of margins seems to be a one off, as the firm will look to a more balanced output in FY24. It has done well to carve out a share for itself in the logistics space, and the only crimp on the horizon seems to be the deceleration seen in e-commerce sales itself. That will hurt Ecom Express, seeing how deeply the firm is focused on the segment. A year of single digit growth, even with lower profits is not something it will want at this stage, and that might actually force more streamlining than it bargained for.

Wakefit posts Rs 971 Cr revenue in 9M FY25; auditor raises concern over past financials

EntrackrEntrackr · 1m ago
Wakefit posts Rs 971 Cr revenue in 9M FY25; auditor raises concern over past financials
Medial

Wakefit, a brand specializing in home and sleep solutions, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). According to the balance, Wakefit reported a revenue of Rs 971 crore for the first nine-month period of FY25, concluding on December 31, 2024. Auditors, however, raised concerns regarding the financial statements. Wakefit’s operating revenue stood at Rs 971 crore in the nine months of FY25, nearly matching the Rs 986 crore it recorded in the entire FY24. The firm’s topline was largely driven by the sale of manufactured goods, which accounted for over 97% of its operating income, standing at Rs 951 crore. Other revenue came from the sale of traded goods and other income, which pushed its total income to Rs 994 crore in the nine months of FY25. On the expense side, cost of materials was the major contributing factor, accounting for 43% of the total expense at Rs 433 crore. Employee benefits accounted for Rs 126 crore, and the firm also spent Rs 82 crore on advertising and Rs 75 crore on delivery-related expenses during the period. Other overheads, including depreciation and IT expenses, further added to the cost base. Overall, total expenses stood at Rs 1,003 crore in the nine months of FY25, as compared to Rs 1,032 crore in FY24. Wakefit reported a loss of Rs 9 crore in the nine months of FY25, as compared to a loss of Rs 15 crore in FY24. However, the company posted a positive EBITDA of Rs 76 crore, with an EBITDA margin of 7.65% in the same period. Its ROCE stood at 1.33%. On a unit level, the company spent Rs 1.03 to earn a rupee of revenue during the 9-month period and has current assets worth Rs 577 crore, including Rs 19 crore in cash and bank balances. Looking further in the DRHP, the auditors flagged issues such as mismatches between financial records and bank filings, delayed statutory payments including GST dues under dispute, absence of an internal audit system, and cash losses over the last three fiscals. In FY24, the company’s accounting software was also found lacking the mandatory audit trail feature. While these observations didn’t require changes to its reported financials, Wakefit cautioned that similar remarks in the future could impact its reputation and financial standing. The company also revealed it uses several non-GAAP financial metrics like EBITDA, adjusted EBITDA, and return on capital employed to track performance. Wakefit noted these figures may not follow standard industry definitions and might not be comparable with those reported by peers. It urged investors not to rely solely on these supplemental measures and to consider audited financials under statutory accounting norms.

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