Post Date : December 11, 2019
CDC Group, a premier development finance institution and impact investor in South Asia and Africa, on Tuesday announced, it has closed a $36 million equity investment in India’s tech-enabled end-to-end logistics company Ecom Express.
Ecom Express will use the investment in network expansion and augmentation.
Further, the equity injection by CDC will enable the company to accelerate job creation from c.32,000 employees to c.47,000 within the next 1-2 years.
“The infusion of capital will help us further expand our delivery footprint in connecting towns and rural centers across the country. Besides expanding reach, the company plans to invest in technology, deploy advanced parcel sortation systems, strengthen network reliability and infrastructure, and finally, make development impact with job creation, environmentally responsible initiatives and gender diversity. We look forward to leveraging CDC’s expertise in driving businesses with socially responsible and environmental initiatives and the firm’s global network of relationships.” Said, T.A. Krishnan, Co-founder and Chief Executive Officer of Ecom Express.~ T.A. Krishnan, Co-founder and Chief Executive Officer of Ecom Express.
, “In Ecom Express, we have a partner company that recognises the vital importance of creating a genuinely sustainable and gender inclusive business. We are dedicated to responsibly investing our capital in India, with over $1.7bn currently committed to local businesses. We have the same amount again to invest over the next few years and look forward to working with many more businesses that are as environmentally and socially conscious as Ecom Express”.Srini Nagaranjan, Managing Director and Head of Asia CDC
Ecom Express has its presence in all 29 states of the country and operates in over 2400 towns across 25,000+ PIN-codes in India. The company is the first private logistics company in India to envision a full-state coverage strategy i.e. the capability to reach every doorstep in every village in a state. This full-state coverage is offered in 20 states including Andhra Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Goa, Gujarat, Haryana, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal.