Alibaba-backed Xpressbees bags Rs 35 Cr debt from InnoVen Capital

E-commerce logistics firm Xpressbees has raised Rs 35 Cr in debt funding round from InnoVen Capital.

The funding round comes almost after a year when Chinese e-commerce giant Alibaba had infused Rs 224 crore worth Series D round in the Pune-based end-to-end logistics firm.

So far, Xpressbees has picked up over $56 million in equity financing from the likes of SAIF Partners, Paytm, Chiratae Ventures (former IDG Ventures) and Valiant Capital.

This debt fund will be used for the expansion of the existing network and creation of new business lines, reports Mint.

A brainchild of Amitava Saha and Supam Maheshwari, Xpressbess started its journey as logistics arm of FirstCry but in 2015, it relaunched as a separate entity.

Xpressbess offers services include first and last-mile delivery and reverse logistics with facilities, such as real-time tracking, multiple payment collection, and processing options.

The startup claims to serve more than 10,000 pin codes across India, with 53 hubs and about 1,300 service centers.

Xpressbees competes with Delhivery and Ecom Express and serves major e-commerce players such as Paytm, Flipkart, Snapdeal, Reliance, and Clubfactory.

The Temasek Holdings-backed InnoVen Capital has been an active debt provider for Indian startups. In 2018 alone, it made an investment of over Rs 600 crore across 36 companies.  During the period, it also added 21 new companies to the portfolio.

The debt firm has provided over 165 loans to more than 130 startups including Oyo Rooms, Swiggy, Pepperfry, Byju’s, Quikr, Healthifyme, TravelTriangle, Disprz, Wicked Ride, Licious and Yatra among others.