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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.

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.

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.

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