E-commerce logistics solutions provider Ecom Express has confirmed that it will raise Rs 850 crore from private equity firm Warburg Pincus, reports VCCircle. The funding will go towards expansion in Tier III and IV towns and rural centres, investment in technology, deploying parcel sortation systems and strengthening its network reliability and infrastructure. It will also work on building its second level management team. Ecom Express had raised Rs 100 crore in funds from Peepul Capital, in September last year. The company had said then that it would use the funds to grow its distribution capabilities to reach over 800 locations over the next two years and employ around 10,000 employees in the next five. It had also said that it would focus its expansions across locations in North, South and West India while expanding its distributional capabilities in East and North East of the country. In 2013, it had raised an undisclosed amount of angel funding from Oliphans Capital and others. Founded in 2012 by T A Krishnan, K Satyanarayana, Manju Dhawan and Sanjeev Saxena, the company claims to serve over 2,800 pin codes through 320 delivery centres and around 8,000 employees across 210 cities. Ecom offers logistics services primarily to e-commerce ventures, including prepaid services for when shipment is paid for, cash on delivery services where it collects money when delivering products, cash before delivery services where it collects money first then dispatches the product, dropship services when it collects shipments on behalf of the shipper and reverse logistics services…
