XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X

E-commerce-focused logistics and supply chain firm XpressBees managed only modest double-digit growth in the fiscal year ending March 2024. However, the Pune-based company turned EBITDA positive during the same period, despite an increase in overall expenses.

XpressBees’ operating revenue increased by 12% to Rs 2,831 crore in FY24 from Rs 2,531 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC).

XpressBees provides B2B/B2C express delivery service, cross-border logistics, and warehousing services to e-commerce players including Snapdeal, Myntra, Meesho, Netmeds, and Bigbasket, and many others.

Revenue from logistics services remained the primary source of income for XpressBees, accounting for 97% of the company’s total revenue. However, the company’s warehousing business, though smaller in size, posted an impressive jump (60X) — soaring from Rs 0.77 crore in FY23 to Rs 48 crore in FY24, signaling a strong push toward expanding its non-courier biz.

The remaining came from warehouse services (Rs 48 crore) and support services (Rs 31 crore), both of which witnessed notable growth.

The firm also added Rs 109 crore from non-operating activities, which pushed its overall income to Rs 2940 crore in FY24.

On the expense side, courier charges remained XpressBees’ largest cost component, rising 12% to Rs 1,816 crore in FY24. Linehaul charges saw a modest 6% increase to Rs 494 crore, while employee benefit expenses rose by nearly 10% to Rs 355 crore in the said fiscal year. Depreciation costs spiked 49% to Rs 159 crore, and other operational expenses contributed an additional Rs 319 crore. 

Overall, XpressBees’ total expenditure increased 13% year-on-year, reaching Rs 3,143 crore in FY24 from Rs 2,785 crore in FY23. For a more detailed expense breakdown, refer to TheKredible.

With expenses growing faster than revenue, XpressBees' net loss widened by 11%, rising to Rs 200 crore in FY24 from Rs 180 crore in FY23. However, the Pune-based firm achieved EBITDA positivity, reporting an EBITDA of Rs 5 crore for the same period. The company’s ROCE stood at -8.32%, while its EBITDA margin came in at a modest 0.17%. On a per-unit basis, XpressBees spent Rs 1.11 to earn every rupee in revenue during FY24.

ExpressBees recorded current assets worth Rs 1867 crore in FY24 including Rs 1331 crore in cash and bank balances.

Recently Xpressbees acquired courier firm Trackon and named Uday R. Sharma as CBO for B2B, 3PL and cross-border. Entrackr was first to report on the acquisition in July 2023.

According to startup data intelligence platform TheKredible, XpressBees has raised a total of $625 million of funding till date, having Norwest Venture Partners and Alibaba Group as its lead investors. The company’s Co-Founder & CEO Amitava Saha owns 3.15% of the company.