Indian logistics firm Xpressbees becomes unicorn with $300 million In a fresh investment round, Xpressbees, an Indian logistics startup that works with many e-commerce companies in the nation, has more than tripled its valuation to $1.2 billion.
Xpressbees, which was founded in 2015, now distributes over 1.5 million parcels each day across 3,000 locations in India. It also operates out of 52 airports and has over 100 hubs across the country. It also has a warehouse capacity of over a million square feet. Flipkart, Meesho, General Electric, and Snapdeal are among its clients.
Xpressbees will utilize the new capital to transform into a full-service logistics company and support businesses in their growth phase, in addition to investing in product development and stepping up its hiring efforts.
After raising new capital led by private equity firms Blackstone Growth, TPG Growth, and ChrysCapital, logistics service company Xpressbees became the ninth business to join the coveted unicorn club in 2022.Existing investors Investcorp and Norwest Venture Partners joined the $300 million Series fundraising round, which includes a secondary component.
According to a press release, this brings the total amount of funding raised by the business to $500 million.The funding will be used to support the logistics startup’s next phase of expansion, product development, and hiring talent, according to the company.
The company claims that sales have increased by over 100% year over year as the Covid-19 pandemic draws millions of buyers online, driving demand for home delivery of items.”While the initial funding is $100 million, the secondary funding is $200 million,” says Amitava Saha, founder, and CEO of Xpressbees.
In November 2020, Gaja Capital Partners, Investcorp, and Norwest Venture Partners launched a $110 million fundraising round for the Pune-based e-commerce logistics firm.In a statement, Saha adds that the massive network of Blackstone Growth, TPG Growth, and ChrysCapital will “further drive our efforts in seeking newer possibilities and will assist expand our presence.”
In a statement, Saha adds that the massive network of Blackstone Growth, TPG Growth, and ChrysCapital will “further drive our efforts in seeking newer possibilities and will assist expand our presence.” Senior managing director at Blackstone Private Equity, Mukesh Mehta, agrees.
“We’re excited to make use of Blackstone’s vast knowledge and worldwide network in logistics and eCommerce to help Xpressbees accelerate its expansion.” The firm, which was founded by children’s e-talent Firstcry, competes with logistics service providers such as Delhivery, Ecom Express, Shiprocket, Picker, and BlackBuck. Indian logistics firm Xpressbees becomes unicorn
As the Indian e-commerce market grows, the need for end-to-end supply chain solutions that can fulfill the needs of a diverse range of consumers across industries has never been greater,” says TPG Growth partner Akshay Tanna.Xpressbees, which was founded in 2015, claims to be present in 3,000 cities, serving over 20,000 pin codes and delivering over 1.5 million products per day.
It claims to have over 100 hubs across India, a storage capacity of over 10 lakh square feet, and operations at 52 airports. According to PGA Labs, there are approximately 45 start-ups that have the potential to reach a $1 billion valuation shortly.