Logistics company Ecom Express FY19 revenue rises 78%

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Published: November 21, 2019 12:52:57 AM

In September 2017, Ecom Express had raised $30 million from Warburg Pincus. The firm has so far raised close to $11.4 billion, according to data from Crunchbase.

Founded in 2012, the company started operations in January 2013 with 35 cities and 42 delivery centres. (Website image)Founded in 2012, the company started operations in January 2013 with 35 cities and 42 delivery centres. (Website image)

Logistics company Ecom Express reported a 78% year-on-year increase in revenue from operations to Rs 1,005.85 crore in the year to March 2019, according to the company’s RoC filings sourced from business intelligence platform Tofler.

Net losses of the firm decreased to Rs 129.59 crore in FY19 from losses of Rs 526.69 crore in FY18, a decline of 75.39%, the data showed. Total expenses of the company, however, shot up to Rs 1,148.05 crore in FY19 from Rs 1,105.44 crore in FY18.

Founded in 2012, the company started operations in January 2013 with 35 cities and 42 delivery centres. The firm claims to have expanded to about 2,400 cities and over 2,500 delivery centres. The Gurgaon-based firm, which competes with firms like Delhivery and Rivigo, counts Amazon, Flipkart, Paytm and Titan as its customers, among others. Ecom Express currently covers close to 25,000 pin-codes in the country.

Rival Rivigo’s net losses more than doubled to `510.36 crore in FY19 compared to losses of Rs 244.95 crore posted in FY18. Delhivery’s FY19 net losses increased 160% to Rs 1,781 crore.

In September 2017, Ecom Express had raised $30 million from Warburg Pincus. The firm has so far raised close to $11.4 billion, according to data from Crunchbase.

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