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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Ecom Express, once valued at Rs 7,000 crore, sold to Delhivery for Rs 1,407 crore in a distress deal
Delhivery is acquiring rival logistics firm Ecom Express in an all-cash deal for Rs 1,407 crore. The Gurugram-based company had been valued at around Rs 7,000 crore less than a year ago.
Here’s a timeline of how the once high-flying startup hit turbulence:
2012: Late T A Krishnan cofounded Ecom Express along with K Satyanarayana, Manju Dhawan, and Sanjeev Saxena—former Blue Dart executives. The company began operations in January 2013 from Gurugram, focusing on ecommerce logistics.
Rapid expansion: Ecom Express built a tech-first delivery network across over 2,400 cities in India, introducing GPS-enabled vehicles, real-time tracking, route optimisation, and digital proof of delivery.
Strategy misfire: The firm’s emphasis on sustainable profitability over aggressive growth meant it lagged in a cut-throat market. It was content playing second fiddle to Delhivery until Xpressbees edged it down to third place.
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IPO shelved: Like many top-tier startups, Ecom Express had to defer its public listing in 2022 due to post-pandemic volatility in capital markets.
Funding challenges: In October 2022, it raised $39 million from existing backers Warburg Pincus, CDC Group, and Partners Group as fresh funding proved elusive. The company was caught in the late-stage funding winter.
Leadership loss: Co-founder Krishnan passed away in October 2023 after a prolonged illness.
Financials: For FY23, the company clocked Rs 2,548 crore in operating revenue (up over 20% YoY) but saw losses widen to Rs 375 crore from Rs 91
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21.05 / 09:47
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