Ecommerce-focused logistics agency Ecom Express secures $39 million in funding from current buyers Warburg Pincus, CDC Group and Companions Group, regulatory paperwork sources from enterprise intelligence platform Tofler confirmed.
Companions Group invested $29 million, Warburg Pincus invested round $5.8 million, and CDC Group put within the remaining quantity.
The corporate raised cash from current buyers after it struggled to draw new ones. According to media reports, it was trying to increase $125-150 million in non-public funding spherical. Ecom Categorical is amongst a number of top-tier startups which have put their preliminary public providing (IPO) plans on maintain.
The $39 million fundraise comes as late-stage startups battle to boost funds amid macroeconomic headwinds. Based on media studies, Ecom Categorical’s has held talks with Amazon for a possible sale.
Competitors such as Delhivery going public and First Cry-backed Xpressbees turning into a $1 billion firm in February intensifying the competition in the sector.