Grapevine: Investcorp to lead funding for Ecom Express; IL&FS to sell corporate home
Photo Credit: Pixabay

Digital logistics and warehousing firm Ecom Express is in advanced talks to raise up to $40 million (Rs 293 crore) in a round led by Bahrain-based Investcorp, three people aware of the discussions told Entrackr.

Existing investors are also likely to participate, they added. Last year Warburg Pincus-backed Ecom raised $36 million from CDC Group.

“Investcorp would invest up to $25-30 million and it’s in the last leg to offer a term sheet to Ecom Express,” one of the persons said. Another added that Ecom could be valued at up to $550 million (Rs 4,035 crore).

Meanwhile, crisis-hit infrastructure lender IL&FS is inviting bids to sell its prime 10-storey corporate home in Mumbai’s Bandra-Kurla Complex. The bids are expected to be submitted by November 20, two people in the know told The Economic Times.

“The property is estimated to fetch Rs 1,500 crore ($204 million) and the sale process is expected to be completed by the end of this financial year,” said one of the persons mentioned above.

“We have decided to follow a publicly solicited, competitive, price discovery process for the sale of TIFC (The IL&FS Financial Centre), subject to necessary approvals,” an IL&FS spokesperson said. The company hasn’t set any reserve price for the asset.

Early this year, IL&FS had put two 28-storey commercial towers in Gujarat’s Gift City worth Rs 3,500 crore on the block.

Leave Your Comment(s)