Logistics Company XpressBees Raises $110 Million From Investcorp And Others

Logistics Company XpressBees Raises $110 Million From Investcorp And Others

• XpressBees raises $110 million from private equity funds Investcorp, Gaja Capital, and Northwest Venture Partners.
• The company will use the funds to expand in Express Cargo, 3PL, and Cross Border Logistics.

Pune-based e-commerce logistics service provider XpressBees raises $110 million (or about Rs 800 crore) in its Series E funding round led by private equity funds, including Investcorp, Gaja Capital, and US-based growth equity investment firm Northwest Venture Partners.

The company will utilize the funds in further automating its hubs and sort centres, improving technological infrastructure, and to expand its delivery footprint in the entire country.

According to the media reports, The company is in the process of foraying into Express Cargo, 3PL (third-party logistics), and cross border logistics.

With this investment, the three PE investors have acquired a collective stake of 31% in the company.

In September 2015, The company first raised $5 million in Seed funding from various investors including Chiratae Ventures, Vertex Ventures, and others.

In January 2018, XpressBees had raised $100 million from the Alibaba Group as part of its corporate funding round.

Following, In January 2020, it raised $10 million in its Series D funding round from existing investor Alibaba Group.

Other top investors, including InnoVen Capital, Elevation Capital, New Enterprise Associates, have also invested in the company.

While Alibaba Group is the most active investor in XpressBees. To date, it has invested more than Rs 1,000 crore (or about $134 million) in the company.

Since its inception, The company has raised more than $275 million in a total of eight funding rounds, mostly participated by Alibaba, Chiratae Ventures, and InnoVen Capital.

“Investcorp strongly believes in the digital transformation of the Indian consumer and the enterprises,” said Varun Laul of Investcorp.

“We are delighted to partner with Xpressbees in their mission to build India’s premier E-commerce logistics business,” said Gopal Jain, Managing Partner, Gaja Capital.

According to the reports, Ecom Express is also in advanced talks with Bahrain-based Investcorp to raise $40 million in funding.

About XpressBees – XpressBees is a Pune-based end-to-end supply chain solutions provider founded in 2015 by Amitava Saha and Spam Maheshwari, who also founded baby products shopping platform Firstcry.

XpressBees is considered one of India’s fastest growing express logistics service providers, competes with Delhivery, Ecom Express, Shadowfax, among several others.

Source: STARTUPNEWS