Warburg-Backed Ecom Express Raising Funds at $1 Billion Value, Sources Say
Ecom Express is working with an adviser to raise at least $100 million, as well as considering a merger with another logistics provider.
(Bloomberg) -- Ecom Express Ltd., a logistics services provider to Indian e-commerce companies, is seeking to raise fresh funds at a $1 billion valuation, according to people familiar with the development.
The Warburg Pincus-backed company is working with an adviser to raise at least $100 million, the people said, asking not to be identified as the information is private. Ecom is also considering strategic options including a merger with another logistics provider, they said. It could also weigh an initial public offering, one of the people said.
Deliberations are ongoing and details of the fundraising could change, the people said. A representative for Ecom Express didn’t immediately respond to a request for comment.
Started in 2012 by four entrepreneurs, Ecom Express is a logistics company serving businesses in India with more than 2,932 facility centers across 29 states, according to its website. Partners Group Holding AG acquired a significant stake in the company in 2020, becoming an equal partner to Warburg Pincus. Its backers also include the UK’s CDC Group, now known as British International Investment Plc.
Logistics companies are riding a wave of investor interest after the coronavirus pandemic helped accelerate the growth of online shopping. Atlanta-based Terra Worldwide Logistics is exploring a sale that could value it at about $1 billion, Bloomberg News has reported, while Taiwan’s Morrison Express Corp. is considering the sale of a majority stake at about a $1 billion valuation, people familiar with the matter have said.
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