Ecom Express has joined the ranks of IPO-bound startups awaiting the end of the bear market. Instead, the startup based in Delhi NCR is seeking funding from private equity and venture capital investors. Ecom Express is said to have pitched to investors for a $100 million to $150 million capital infusion.
The company is collaborating with investment banks JM Financial and Barclays to raise funds from private investors and is looking to benchmark itself against Delhivery. According to the report, a valuation has not yet been completed. It's worth noting that Ecom Express is India's third-largest logistics startup, trailing only Delhivery and XpressBees. While Delhivery has listed on the bourses (by waiting for the market to stabilise before listing at a lower offer), XpressBees' sister company FirstCry has also delayed its IPO plans.