Courier and logistics major Elbee Express has earmarked a Rs 200 crore investment, over the next 3 years, to develop its network and enhance technology. The company also has received a Rs 50-crore investments, of which Rs 25 crore was from global private equity firm Clearstone Ventures and Indian investor Rakesh Jhunjhunwala.
"We have an expansion plan to double the number of branches in the next 4-5 months. With this Elbee Express will be covering over 15,200 locations in India. Through this we are looking to provide a wider distribution reach to our premium customers in tier II and III cities," Elbee Express Executive Director Nikhil Shah said.
The company has received an initial investment by Clearstone Venture Mauritius and Rakesh Jhunjhunwala of about Rs 25 crore, while its promoters also invested an equal amount. Apart from Shah, the promoter group include a clutch of angel investors.
Kotak Mahindra Investments also has a minority stake in the company.
Subsequently, Rahul Khanna, Director of Clearstone Venture Advisors will join Elbee Express's board of directors.
"We are delighted with our investment in Elbee Express, one of the fastest growing express delivery companies in India," said Jhunjhunwala. |
