JM Financial Private Equity leads INR 375 mn Series B round investment in Emiza Supply Chain Services Pvt. Ltd.

Mumbai, May 26, 2022: JM Financial Private Equity (the “Fund”) has led the INR 375 mn, Series B funding round in a Mumbai-based warehousing and fulfilment services provider, Emiza Supply Chain Services Pvt. Ltd. (“Emiza” or the “Company”), to fund the Company’s current expansion plans. Mayfield India – an existing investor in Emiza – has also participated in the Series B fund raise. Proceeds from the investment will support augmentation of the existing technology infrastructure, foray into last-mile operations, and expansion of the Company’s operations into other geographies.

Emiza caters to the warehousing and fulfilment needs of direct-to-consumer (“D2C”) brands as well as SMEs and large corporates selling online. Through its network of warehouses in eight cities across India, the Company provides services including storage, picking, packing, and labeling. The Company has over 100 customers which include leading D2C brands as well as large enterprises and SMEs across Beauty and Personal Care, Fashion and Accessories, Home and Kitchen, and Food and Beverages. The Company was founded by Ajay Rao who has deep domain expertise in logistics through decades of experience across India and the US. He is supported by a management team led by Jitendra Kumar and Arvind Shivkumar, both having extensive logistics experience.

Commenting on the investment, Mr. Darius Pandole, Managing Director & CEO, PE & Equity AIFs, JM Financial said, “India’s e-commerce market has witnessed a massive surge in terms of demand and purchase over the last few years across metros and Tier II & III cities, driven by the growing internet penetration and smartphone usage, and change in the buying behavior of consumers. To drive business and leverage the emerging growth opportunities, D2C brands and other companies selling online need to provide superior customer experience. That’s where Emiza comes in. We believe the fundamental shift in consumers’ purchasing behaviour, and their penchant for D2C and online retail is here to stay. With a strong emphasis on enhancing customer experience, increasing efficiency and reducing cost, Emiza has developed a strong value proposition. We believe that Emiza will eventually emerge as a leading player in the fulfilment services segment.”

Commenting on the capital raise, Mr. Ajay Rao, CEO, Emiza said, “Our company has scaled up rapidly over the last three years, and we envisage even faster growth over the next few years. This growth capital infusion and partnership with a seasoned investor like JM Financial Private Equity will help us accelerate our current expansion plans and add other service lines to the business, including a last-mile platform to offer a complete suite of services to our customers. The founders and senior management have a deep understanding of the logistics industry, and given our strong customer-centric approach, we are confident of creating a leader in the e-com fulfilment service industry in India.” 

Commenting on their follow-on investment, Mr. Vikram Godse, Managing Partner, Mayfield India said, “We are happy to continue to support Ajay and his whole team at Emiza in their journey to become the leader in the D2C e-commerce fulfillment market. We believe the company has a strong value proposition which allows both its small and large D2C brand customers to focus on product development and market growth while Emiza completely takes over the function of order fulfillment.”

This is the tenth investment from the Fund II, and is in line with its stated strategy of investing in growth –oriented companies in the mid-market space.

About Emiza:

Emiza provides warehousing and fulfilment services to D2C brands, large corporates and SMEs selling online. It offers solutions such as picking, packing, and labelling of products, order management, multi-channel inventory management, returns and reverse logistics through its network of warehouses across eight cities in India.  More information about Emiza can be found at:

About JM Financial India Fund II: JM Financial India Fund II, a category II AIF registered with SEBI, is a sector-agnostic growth-capital private equity fund that targets to invest in high-growth, small to mid-market companies, with a strong focus on financial services, consumer, IT/ITeS, infrastructure services and manufacturing sectors. Existing investments of the Fund include India Home Loan Limited (an affordable housing finance company), Spandana Sphoorty Financial Limited (a leading micro-finance institution), Vendiman Private Limited (India’s leading vending solutions provider), Innovcare Lifesciences Private Limited (a leading nutraceutical player), Isthara Parks Private Limited (a leading coliving, student housing and urban living operator), BRFL Textiles Private Limited (one of India’s largest fabric manufacturers), Canpac Trends Private Limited (a leading manufacturer of folding cartons and other packaging materials), Walko Food Private Limited (a fast growing direct to consumer natural ice cream brand “nic”) and Big Haat Agro (a fast-growing agri-tech company focused on agri inputs, farmer advisory, and output linkages). For further information please refer to:

About JM Financial

JM Financial is an integrated and diversified financial services group. The Group’s primary businesses include (i) Investment Bank (IB) shall cater to Institutional, Corporate, Government and Ultra High Networth clients and includes investment banking, institutional equities and research, private equity funds, fixed income, syndication and finance; (ii) Mortgage Lending includes both wholesale mortgage lending and retail mortgage lending (home loans, education institutions lending and LAP); (iii) Alternative and Distressed Credit includes the asset reconstruction business and alternative credit funds; and (iv) Asset management, Wealth management and Securities business (Platform AWS) shall provide an integrated investment platform to individual clients and includes wealth management business, broking, PMS and mutual fund business.

The Group is headquartered in Mumbai and has a presence across 634 locations spread across 185 cities in India. The equity shares of JM Financial Limited are listed in India on the BSE and NSE.

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Manali Pilankar

Corporate Communications

Tel.: +91 22 6630 3475