XpressBees, an e-commerce logistics company, which through its ample network across India offers authentic logistics services and solutions and timely delivery on 9th November 2020 stated that it has raised $110 million in series E funding round from private equity firms Investcorp, Northwest venture Partners and Gaja Capital, to effectively assemble the fresh capital to further automate its hubs and sorting centers, and bolsters its delivery footprint to cover the entire country. The funding in the new round has come at a valuation of over $400 million for this startup.
XpressBees is a Pune based startup which was founded in 2015 by Amitava Saha and Supam Maheshwari, marking its presence in over 2,000 cities and towns, and it processes more than 2.5 million orders a day, offers logistics services such as last-mile delivery, payment collection, reverse logistics, drop shipping, cross-border services, vendor management, fulfillment services, and tailored software solutions.The transaction also tends to give an exit to mobile payments company Paytm, with 3-4 times returns. Other financial investors like NEA and Vertex Ventures have also taken an exit in this round. The company claims to have advanced into a full-blown logistics solutions provider with strong potential in transportation, warehousing and cross-border. It asserts to fulfill 600K shipments every day, with over 20K field executives and over 10 lakhs warehouse capacity. The company had earlier upraised $57.6 Mn from investors such as Innoven Capital and Alibaba.
“We have been truly impressed by their strong customer centricity and capital efficiency which have resulted in exceptional feedback from top players in the e-commerce sector. I am delighted to see the impact we are making in the logistics ecosystem in the country,” said Niren Shah, managing director and head of Norwest Venture Partners in India, in a statement.
This startup wants to help out companies to do both business-to-consumer and business-to-business deliveries from the same stock or warehouse and plans to offer a “premium service” with an emphasis on technology.