Get All Access for $5/mo

[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

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Unsplash

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.

Prabhjeet Bhatla

Former Staff

Data & Recovery

Get $60 off This Portable VPN Travel Router

Why keep paying for a VPN service when you can have a tiny, lightweight piece of hardware that can provide you with a lifetime of maximum VPN protection?

Growing a Business

6 Effective Strategies to Secure Funding

Use these six proven strategies to secure the funding you need.

Growing a Business

How Visionary Leaders Transform Curiosity Into Groundbreaking Ideas

Lee Brian Schrager, founder of the South Beach Wine & Food Festival, discusses the spark that launched FoodieCon, his best practices for running popular food events, and why all business owners need to adapt to social media trends.

Business News

In Just 3 Words, Kevin O'Leary Offers a Grim Outlook on Interest Rates and Inflation

The "Shark Tank" star appeared on Fox Business' "Sunday Night in America with Trey Gowdy" and said it is "hard to see" mortgage rates dropping any time soon.

Business News

Toyota Loses Over $15 Billion in Market Value After Investigation

The company was accused of falsifying engine test results that stopped shipment on three vehicle models earlier this year.

News and Trends

Battery Smart Raises USD 65 Mn in Series B to Boost EV Battery Swapping Network

Orios Venture Partners achieves a 29x return with a strategic partial exit from Delhi-based EV startup, enhancing early-stage investment success.