WOW Express bags Rs 30 crore from Tamarind Family Trust

MUMBAI: Ecommerce delivery platform WOW Express has raised $4.5 million (about Rs 30 crore) from existing investor including, Tamarind Family Private Trust of the Mansukhani family, the co-promoters of Mirc Electronics, which owns consumer durables brand Onida.
The Series-A round also included previously issued compulsorily convertible debentures, which converted along with this round.

WOW Express, which mainly processes ecommerce shipments, recently launched health and diagnostics delivery operations. The company plans to use the capital raised to expand its geographical presence, ramp up its technology platform and strengthen its senior management team.


A large part of the business expansion will also focus on growing its six month-old health and diagnostics delivery business, WOW Health Express, through which the firm delivers blood samples and bodily fluids from labs to diagnostic companies. Currently, forming 5-7% of its revenue pie at 50,000-60,000 samples per month, WOW Express plans to grow this vertical to about 20% of its revenue share by the end of FY19.

“We want to expand our ecommerce footprint too, from the current 42 cities to over 100 cities in the next 12 months. We are also in talks to bring on board professional executives for our chief operating officer and chief financial officer positions,” said Sandeep Padoshi, cofounder of WOW Express.

For its ecommerce operations, WOW Express counts Nykaa, Amazon, LimeRoad, Tata Cliq and Shein amongst its clients. The firm has about 700 delivery executives offering both intra- and inter-city delivery operations clocking about 20,000 shipments per day.

The firm claims to have doubled its revenue in FY18 and is looking to close FY19 with Rs 50 crore in revenue. Towards that end, WOW Express is looking to more than double its shipments to 50,000 per day over the next year. The firm claims to have turned operationally cash-positive on a monthly basis as of April, this year.