Delhivery to acquire Ecom Express for Rs 1,407 crore
The deal was approved during a board meeting held earlier today, with Delhivery confirming that a Share Purchase Agreement (SPA) has been signed with Ecom Express and its shareholders.
Delhivery Limited has announced the acquisition of a 99.4% stake in Ecom Express Limited, a rival logistics solutions provider, for a cash consideration of up to Rs 1,407 crore ($169.5 million).
This marks one of the largest consolidations in the logistics space. The deal is distressed, as Ecom Express had been aiming to go public at a valuation of $700 million.
The deal was approved during a board meeting held earlier today, with Delhivery confirming that a Share Purchase Agreement (SPA) has been signed with Ecom Express and its shareholders. Once completed, Ecom Express will operate as a subsidiary of Delhivery.
Founded in 2012 and headquartered in Gurugram, Ecom Express is a full-stack, technology-driven logistics company. For the fiscal year ending March 31, 2024, the company reported revenue of Rs 2,607 crore ($314 million) from Rs 2,548 crore in FY23.