E-commerce focused end-to-end supply chain solutions provider XpressBees has secured $110 million in its Series E funding round from Investcorp, Northwest Venture Partners, and Gaja Capital.
Post the latest capital infusion, the three investors have acquired a collective stake of 31% in XpressBees. This is the second investment round for the Pune-based company this year. In January, it raised $10 million as a part of its Series D round from existing backer Alibaba. Till date, it has raised around $175 million.
According to the company, the fresh funds will be deployed towards automating its hubs and sort centres, technology and to expand the delivery footprint to cover the entire country. Several media reports also suggested that Xpressbees is in the process of foraying into express cargo and cross border logistics.
Founded by Amitava Saha and Supam Maheshwari, XpressBees offers services including first and last-mile delivery and reverse logistics with facilities such as real-time tracking, multiple payment collection and processing options. The firm had started its journey as logistics arm of FirstCry but in 2015. Later, it relaunched as a separate entity.
The fresh and large funding for XpressBee has come at a time when logistics companies have been attracting significant interest from investors. While Shadowfax had raised $60 million led by Flipkart last year, Ecom Express is in advanced talks to raise up to $40 million from Investcorp.
Delhivery is also in the midst of raising a significant round with possibilities of material secondary transactions taking place. Entrackr had exclusively reported about Delhivery and Ecom Express’ upcoming funding round in September and October, respectively.
While XpressBees is yet to file its annual financial statements for FY20, the company had posted a 99.7% spike in revenue from business operations amounting to Rs 540.95 crore in FY19 from Rs 270.83 crore in FY18.
XpressBees competes with Delhivery, Ecom Express, Shadowfax among several others.