CDC Group, the UK Government’s development finance institution, on Tuesday said it has closed a $20-million
investment round in Delhi-based e-commerce logistics company Ecom Express Private Limited.
This is CDC’s second round of investment in Ecom Express after its initial investment in December 2019, it said in a
statement.
The latest equity infusion comes just months after Ecom Express secured $250 million by selling an undisclosed
stake to global private markets investment manager Partners Group. In a statement in December, Partners Group had
said that following the acquisition, it will become an equal shareholder in Ecom to existing investor Warburg Pincus.
Ecom Express will be utilising the equity infusion by CDC Group for strategic initiatives such as growth driven
capital expenditure, working capital requirements, new business initiatives, expansions, and potential strategic
acquisitions/partnerships, the statement added.
“CDC’s additional investment in the company reflects our support for the company’s pan-India expansion, and a
commitment to channelling our patient capital toward a business that aligns with our development, impact, and
sustainability goals. Moreover, we are delighted that this investment will further enhance efforts India is making to
meet the UN Sustainable Development Goals of achieving gender equality and empowerment, and promoting
sustainable growth and decent work for all,” Srini Nagarajan, Managing Director and Head of Asia at CDC, said.
Founded in 2012, Ecom claims to provide logistics services in over 2,650 towns across 27,000+ pin codes in India,
covering over 95 per cent of India’s population. Its counts India’s largest e-commerce players among its clients, and
delivers almost 1 million shipments per day via 2,800 delivery centres.
The company recently marked its maiden venture outside India by investing about $11 million in Bangladesh’s
largest third-party e-commerce logistics firm Paperfly.
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