[Funding Alert] Xpressbees Raises $110 Mn In Series E Funding Led By Investcorp, Norwest Venture Partners and Gaja Capital
The startup plans to utilize the fresh capital to further mechanize its hubs and sorting centers, and expand its delivery trail across the country
Indian logistics firm Xpressbees announced it has raised $110 million in Series E funding round led by classified equity firms Investcorp, Norwest Venture Partners, and Gaja Capital.
The company assists more than 1,000 customers counting Paytm, Meesho, Lenskart, Xiaomi, NetMeds, and Snapdeal, to create a distribution Web for their products across the country. It has its presence in over 2,000 cities and towns, and it processes more than 2.5 million orders a day, up from about 600,000 daily orders last year.
“We have been truly impressed by their strong customer centricity and capital efficiency which has resulted in exceptional feedback from top players in the e-commerce sector,” said Norwest Venture Partners’ India managing director and head Niren Shah.
Xpressbees started its journey in 2012 within FirstCry, e-commerce for baby products. But in 2015, it became an independent corporation with Amitava Saha, co-founder, and chief operating officer of FirstCry, moving out to become chief executive of Xpressbees. Supam Maheshwari, who co-founded FirstCry and serves as its chief executive, is the other co-founder of Xpressbees.
“I am delighted to see the impact we are making in the logistics ecosystem in the country,” said Saha, in a statement.
NVP’s Shah claims that India’s growing logistics industry, which estimated to be worth $200 billion, is at stake. During their festival sales last month, Amazon India and Walmart-owned Flipkart reported a record surge in their sales. The firms have created more than 150,000 seasonal jobs to accommodate the growing demand for orders. Xpressbees houses over 30,000 delivery staff.
“We continue to believe that new-age technology-led logistics players such as Xpressbees will continue to play a pivotal role both in the growth of the e-commerce sector in India,” he added.