Private Equity Funds including Investcorp, Norwest Venture Partners and Gaja Capital had invested together Rs.800 crore ($110 million) for acquiring 31% stake in the E-commerce focused end-to-end supply chain solutions provider, Xpressbees.
Xpressbees was founded back in 2015 by serial entrepreneurs Amitava Saha (Founder of Firstcry) and Supam Maheshwari. It is amongst the largest players in India’s E-commerce logistics business and handles more than over 2 million shipments on a daily basis across India in its network.
“We will use this investment for further automating our hubs and sort centres, increased investments in technology and to expand our delivery footprint to cover the entire country,” said Chief Executive Officer of Xpressbees, Amitava Saha.
Alibaba and SAIF Partners are the other major investors in Xpressbees. In 2017, Alibaba Group had invested about $35 Mn (Rs.224 Cr) in the E-commerce supply chain firm. Earlier this year, Alibaba had invested an additional $10 million in XpressBees.
The Pune-based XpressBees is operated by BusyBees Logistics Solutions. Till now, it has raised about $65 million from various investors. In 2016, it has raised about $12.5 million from its existing investors including SAIF Partners, IDG Ventures India, Vertex Ventures, NEA and Valiant Capital.
Currently Xpressbees has its presence across 2,000 towns and cities and is working with more than 1,000 customers across E-commerce, pharma, retail, manufacturing, FMCG and electronics and consumer durables industry. Its major clients include Flipkart, Myntra, Snapdeal, Netmeds, Lupin, Marico, Reliance Ajio, Meesho and Purple.