CDC Group, the UK Government development finance institution and impact investor in South Africa, and Asia has now announced that it has invested around $20 million in the Ecom Express – a Gurugram based technology-enabled end-to-end logistics solutions provider to the Indian eCommerce industry.
This will be the CDC Group’s second round of investment in the Ecom Express after it had made an initial investment in the month of December 2019.
CDC Group’s latest commitment will support the startup to create 8000 new jobs in addition to an initial target of 15000 roles – by prioritizing employing women for jobs at delivery centers, fulfilment centers, and the warehouse across the nation.
Apart from that, the firm will going to use equity for the strategic initiatives, which include growth-driven capital expenditure, new business initiatives, working capital requirements, expansions and potential strategic partnerships.
Speaking on the development, T A Krishnan, Co-founder and CEO, Ecom Express, said,
“This fresh infusion of capital will enable us to further strengthen our network, infrastructure, operations, and technological prowess while assuring support to our next levels of growth. We are looking at a development-led impact, which includes strengthening our sustainability initiatives, job creation, and diversity. In CDC, we have a partner, which helps us become socially responsible and contribute to the society at large through these initiatives.”
“Ecom Express is playing a vital role in enabling ecommerce growth and expanding product reach across India. CDC’s investment in the startup reflects our support for the company’s pan-India expansion, and a commitment to channeling our patient capital toward a business that aligns with our development, impact, and sustainability goals,” said Srini Nagarajan, Managing Director and Head of Asia, CDC Group.
“Moreover, we are delighted that this investment will further enhance efforts India is making to meet the UN Sustainable Development Goals of achieving gender equality and empowerment and promoting sustainable growth and decent work for all,” Srini added.