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Ecom Express sets the ball rolling for Rs 3,000-crore IPO
Economic Times
·
1y ago
Medial
Indian logistics company Ecom Express is reportedly planning to raise Rs 3,000 crore ($402 million) through an initial public offering (IPO). The Warburg Pincus-backed firm has appointed Kotak Capital, IIFL, Axis Capital, and UBS as its bankers for the IPO. Ecom Express is expected to file its draft red herring prospectus soon. The company had previously postponed its planned public listing in 2022 due to market conditions. In FY2023, Ecom Express reported a 20% increase in revenue, reaching Rs 2,548 crore, but also a loss of Rs 375 crore.
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Related News
Exclusive: Ecom Express board approves Rs 2,600 Cr IPO
Entrackr
·
11m ago
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.
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Ecom Express records Rs 1,912 Cr revenue in first 9 months of FY25
Entrackr
·
4m ago
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, Aris Infra plan IPOs; General Atlantic's Naik stepping down
VCCircle
·
1y ago
Medial
Gurugram-based logistics company Ecom Express is reportedly planning a Rs 3,000-crore ($359 million) initial public offering (IPO) with the help of investment firms Partners Group and Warburg Pincus. Meanwhile, Aris Infra is also considering an IPO to raise funds for its future expansion plans. Additionally, Sandeep Naik, head of India and Asia Pacific at General Atlantic, is stepping down from his position at the investment firm.
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Ecom Express Faces Staff Exodus Ahead of Delhivery Merger; CEO Chitkara May Exit Too
OutlookIndia
·
2m ago
Medial
Ecom Express is facing significant staff departures ahead of its acquisition by Delhivery, valued at Rs 1,400 crore. Around 150 mid-level employees have resigned, and CEO Ajay Chitkara may also exit after regulatory approval. Previously, cash-strapped Ecom Express laid off 500 employees and postponed IPO plans. Delhivery plans to absorb qualified staff from Ecom Express, despite overlapping customer bases and processes. Approval from the Competition Commission of India is pending for the transaction.
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Delhivery to acquire Ecom Express for Rs 1,407 crore
Economic Times
·
4m ago
Medial
Delhivery, a logistics company, announced its acquisition of rival Ecom Express for Rs 1,407 crore, marking a distress sale for Ecom Express. Ecom Express previously intended to go public but withdrew its plans after receiving approval from SEBI in December 2024.
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Delhivery anticipates smooth routing of Ecom Express volumes into its network post acquisition
Economic Times
·
3m ago
Medial
Delhivery is acquiring Ecom Express for Rs 1,407 crore, aiming for a smooth integration without needing additional technology adjustments. The acquisition is expected to enhance Delhivery's scale and competitive edge by utilizing overlapping customer bases. This acquisition comes as Ecom Express faces financial struggles, with its previous valuation over Rs 7,000 crore. Delhivery anticipates retaining revenue at high incremental gross margins, reducing overhead costs, and absorbing some Ecom Express employees. Completion is expected in six months pending clearance.
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CCI approves Delhivery's acquisition of Ecom Express
Economic Times
·
1m ago
Medial
The Competition Commission of India (CCI) has approved Delhivery's acquisition of Ecom Express for Rs 1,407 crore. Delhivery, a new-age logistics firm, announced the cut-price deal in April to buy its rival Ecom Express.
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Ecom Express pauses IPO plans, offloads 500 employees to cut costs
Livemint
·
5m ago
Medial
Third-party logistics startup Ecom Express has laid off over 500 employees and paused its IPO plans to reduce costs amid volatile market conditions. The company is closing multiple locations, affecting over 3,000 pin codes and several delivery centers. While initial public offering plans remain uncertain, Ecom Express reported modest growth in revenue and narrowed losses. The company faces stiff competition from rivals like Delhivery and challenges from online platforms like Meesho.
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Ecom Express hit by 150 resignations before Delhivery deal: Report
Entrackr
·
2m ago
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.
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Aye finance gets board approval for ₹1,450 cr IPO
Inshorts
·
7m ago
Medial
Non-banking financial company (NBFC) Aye Finance has set the ball rolling for its public listing. The company's board, in an extraordinary general meeting (EGM) held on Wednesday (December 11), reportedly gave its nod for raising up to ₹1,450 crore through an initial public offering (IPO).
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