The Indian e-commerce giant, Flipkart’s logistics partner, Ekart, has reportedly received funding of Rs 1632 crore from Klick2Shop,a company registered in Singapore. As per the documents filed with the Ministry of Corporate Affairs, InstaKart Services, which is the entity operating Ekart, received funding totalling Rs 1632 crore in November in three instalments from Klick2Shop Logistics Services International.
Ekart was founded in 2009 and currently delivers 10 million shipments monthly to over 3,800 pin code areas. Although the company primarily works with Flipkart, it also caters to other brands and businesses outside the Flipkart group. In 2015, WS Retail Services, which is a major seller on Flipkart’s platform, acquired Ekart.
According to the papers filed , On November 7, Klick2Shop invested Rs 323.6 crore in Ekart and thereafter invested an additional Rs 981.7 crore and Rs 327.4 crore on November 27. “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,” the document added.
(Picture courtesy: ecoupson.com)