E-commerce major Flipkart owned Ekart Logistics Raises Rs. 1,632 Crore.
Flipkart acquired Ekart from WS Retail Services, a major seller on Flipkart’s platform, in 2015.
Ekart has received a funding of Rs. 1,632 crore recently from Klick2Shop, as per regulatory filings.
As per the documents filed with the Corporate Affairs Ministry, Instakart Services — the entity that runs Ekart Logistics — received a funding of Rs. 1,632.8 crore in November in three tranches from Klick2Shop Logistics Services International.
It was on November 7 that Klick2Shop, a company registered in Singapore, pumped in Rs. 323.6 crore and topped it up with two more rounds of fund infusion on November 27 for Rs. 981.7 crore and Rs. 327.4 crore, the documents showed.
It includes, “The equity shares allotted to Klick2Shop Logistics Services International shall rank pari-passu with existing equity shares of the company as to dividend voting or otherwise.”
A 2009 born logistics, Ekart delivers 10 million shipments a month to over 3,800 pin codes. It works with Flipkart as well as other brands and merchants outside of the Flipkart Group. Ekart was acquired by Flipkart from WS Retail Services, a major seller on Flipkart’s platform, in 2015.