Ecom Express revenue grows 17% to ₹578 crore in fiscal 20181 min read . Updated: 07 Nov 2018, 01:17 AM IST
Logistics start-up Ecom Express has reported a 17% increase in revenue from ₹493 crore in FY17 to ₹578 crore in 2017-18
New Delhi: Logistics start-up Ecom Express Pvt. Ltd has reported a 17% increase in revenue from ₹ 493 crore in FY17 to ₹ 578 crore in 2017-18, data from business intelligence platform Tofler showed.
Annual loss remained nearly the same at ₹ 71.9 crore compared to ₹ 72.3 crore in FY17, while total expenses rose by 14% from the year-ago period to ₹ 650 crore due to an increase in other expenses, employee benefit costs and depreciation. Cost of services, including freight and transportation, stood at ₹ 313 crore as of March 2018.
Founded in 2012 by former BlueDart employees T.A. Krishnan, Manju Dhawan, K. Satyanarayana and Sanjeev Saxena, the company’s clients include Amazon, Flipkart and HomeShop18.
Ecom Express focuses on the e-commerce segment and delivers to around 25,000 pin codes across 2,400 cities in India. It offers end-to-end logistics solutions such as reverse logistics, ecom network services, cross-border services (EXS) and ecom branded services. It also provides fulfillment solutions to its customers.
In late 2017, the company had raised $30 million (about ₹ 198 crore) from global PE firm Warburg Pincus, as part of a larger commitment of over ₹ 850 crore in 2015. Peepul Capital and early-stage investor Oliphans Captial too have invested in the company.
Warburg has also invested in truck logistics company Rivigo.
New Delhi-based Ecom Express competes with logistics firms Blackbuck, Tiger Global-backed Delhivery and Alibaba-backed Xpressbees. It is currently valued at ₹ 258 crore, according to the latest company filings.
A KPMG report has valued India’s e-commerce retail logistics market at $1.35 billion, with nearly 1.9 million shipments per day. It is projected to witness an annualized compounded growth rate of 36% over the next five years.
“Trends and developments in e-commerce retail, rising consumer expectations and amplified demand for same-day deliveries are shaping the ways of e-commerce retail supply chain functions," said the report titled E-commerce Retail Logistics in India. “This sector is also experiencing the rise of new business models like omni channel retailing and new business models for last mile delivery like delivery through local retailers."