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Home Gadgets Ecom Express looks to raise $167 million through rights issue

Ecom Express looks to raise $167 million through rights issue

Ecommerce-focussed logistics firm Ecom Express has handed a decision to boost $167 million via a rights concern, in response to regulatory filings sourced from enterprise intelligence platform Tofler.

The decision mentioned the capital is anticipated to come back in a number of tranches. ET reported on October 7 that
$39 million has already come in from current traders reminiscent of Warburg Pincus, CDC Group and Companions Group.

This comes after the corporate held a number of discussions with potential traders to boost funds. ET reported on July 1 that it
was looking to raise $125-150 million in a personal funding spherical. Ecom Specific is amongst a number of native startups which have put their preliminary public providing (IPO) plans on maintain.

The corporate misplaced a few of its enterprise after Singapore’s Shopee exited the Indian market earlier this yr. In keeping with media experiences, it even held talks with Amazon for a possible sale.

Previous to this inner funding spherical, the corporate had raised a complete of $260 million.

The ecommerce logistics house is seeing growing competitors with Delhivery going public, Xpressbees changing into a unicorn this yr, and Bengaluru-based Shadowfax holding talks to boost $75-100 million in funding, which ET reported on September 5.

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