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Warburg invests US$130 million in Ecom Express

PRESS RELEASE

June 03, 2015: Ecom Express, one of the leading logistics solutions providers to the Indian e- commerce industry, today announced that an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing, has committed over Rs 850 crore (more than USD 130 million) to the company.

Ecom Express, headquartered in Delhi, was founded in 2012 by a team of four professionals with several decades of cumulative experience in the Indian logistics and distribution industry. Led by T.A. Krishnan, Ecom Express has grown rapidly to become a leading player in the e-commerce logistics space in less than three years since its inception.

The company currently services more than 2,800 pin-codes through more than 320 delivery centers and 8,000 employees in approximately 210 cities, and expects to handle about 50 million packages this year. Ecom Express has established a goal to service over 10,000 pincodes covering more than 1,500 towns and cities over the next few years.

Mr. Krishnan, Chief Executive Officer of Ecom Express said, "We are delighted to welcome Warburg Pincus as our partner. The infusion of capital will help us expand our delivery footprint in Tier III, IV towns and rural centers across the country.

Besides expanding reach, the company plans to invest in technology, deploy advanced parcel sortation systems, strengthen network reliability and infrastructure, and finally, build the second level management team. These initiatives will help us deliver superior customer experience and build a scalable business. We look forward to leveraging Warburg Pincus' domain expertise in logistics and the firm's global network of relationships."

Commenting on the transaction, Mr. Viraj Sawhney, Managing Director of Warburg Pincus India Pvt Ltd said, "There is a significant need for logistics capacity in India to serve the requirements of the e- commerce industry, and businesses are seeking reliable service providers who can scale up with them. We are excited to partner with a highly-regarded management team with deep domain expertise, in a sector with significant growth potential. We look forward to supporting the management of Ecom Express and building on their success."

Warburg Pincus is a leading global private equity firm focused on growth investing. The firm has more than US$35 billion in assets under management. Its active portfolio of more than 120 companies is highly diversified by stage, sector and geography.

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