India's largest e-commerce firm Flipkart has infused another Rs 1,632.81 crore ($257.3 million) into its logistics arm eKart, which is operated by Instakart Services Pvt. Ltd, reported VCCircle citing the filings with the Registrar of Companies (RoC).
This has come just after few days when another homegrown e-commerce firm Snapdeal had infused ₹27 crore into its own logistics arm Vulcan Express.
According to the filings with the ministry of corporate affairs, Instakart Services Pvt. Ltd received four separate tranches of investment from Flipkart, amounting to roughly Rs2,600 crore (about $408 million) since September. The latest tranche of Rs1,632 crore was the largest infusion that Flipkart made in eKart over the past six months, according to documents filed on 19 December.
The filings further said that, eKart raised this sum by allocating equity shares at Rs 62.51 apiece to its Singapore-based group firm Klick2Shop Logistics International Pvt. Ltd., a subsidiary of Flipkart only.
Meanwhile, another logistics startup major Ecom Express has also initiated the process of raising at least $75 million in a new round of funding, reported LiveMint a while ago. Just a few days back we also reported that an another logistics firm Xpressbees, spun out of dotcom startup FirstCry, is in talks to raise about $100 million from China’s Alibaba Group.
According to a report, the logistics market is expected to grow to $9.6 billion by 2020 from $1.4 billion in 2015.
Industry experts said that Flipkart will continue to pump in large amounts into its logistics arm, in future as well.
Earlier, Amazon, which is Flipkart’s biggesr rival in India, has also been significantly ramping up its investments and warehousing capability. In August 2017, the firm’s logistics arm, Amazon Transportation Services Pvt. Ltd, received $63 million in funding.
This has come just after few days when another homegrown e-commerce firm Snapdeal had infused ₹27 crore into its own logistics arm Vulcan Express.
According to the filings with the ministry of corporate affairs, Instakart Services Pvt. Ltd received four separate tranches of investment from Flipkart, amounting to roughly Rs2,600 crore (about $408 million) since September. The latest tranche of Rs1,632 crore was the largest infusion that Flipkart made in eKart over the past six months, according to documents filed on 19 December.
The filings further said that, eKart raised this sum by allocating equity shares at Rs 62.51 apiece to its Singapore-based group firm Klick2Shop Logistics International Pvt. Ltd., a subsidiary of Flipkart only.
Meanwhile, another logistics startup major Ecom Express has also initiated the process of raising at least $75 million in a new round of funding, reported LiveMint a while ago. Just a few days back we also reported that an another logistics firm Xpressbees, spun out of dotcom startup FirstCry, is in talks to raise about $100 million from China’s Alibaba Group.
According to a report, the logistics market is expected to grow to $9.6 billion by 2020 from $1.4 billion in 2015.
Industry experts said that Flipkart will continue to pump in large amounts into its logistics arm, in future as well.
Earlier, Amazon, which is Flipkart’s biggesr rival in India, has also been significantly ramping up its investments and warehousing capability. In August 2017, the firm’s logistics arm, Amazon Transportation Services Pvt. Ltd, received $63 million in funding.
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