Xpressbees, an Indian logistics firm that works with several e-commerce firms in the country stated on Monday that it has raised $110 million in a new financing round as online shopping booms in the world’s second-largest internet market. Also, Electric Vehicle Startup Ather Energy Raises $35 Million In Funding.
Xpressbees, a Pune-headquartered startup’s, has newly commenced their Series E investment rounds led by private investment firms like Investcorp, Norwest Venture Partners and Gaja Capital. Last round of funding for the startup ended three years ago with a total monetary trade of $175.8 million. It was the Series D round. The original round is assessed at around $350 million.
The startup helps e-commerce service giants like Paytm, Lenskart, Xiami, Meesho, NetMeds and Snapdeal. Paytm is a financial company. Meesho is a social media startup. Lenskart is an eyewear seller. Xiaomi the smartphone manufacturer. Netmeds is an online marketplace while Snapdeal delivers all kinds of product across India.
Except this Xpressbees has helped around 1,000 customers. It is currently present in over 2,000 towns and cities. Also, it processes more than 2.5 million orders a day and up to 6,00,000 daily orders (data for last year).
“We have been truly impressed by their strong customer centricity and capital efficiency which has resulted in exceptional feedback from top players in the e-commerce sector!” said Niren Shah the managing director and Head of Norwest Venture Partners in India.
Xpressbees has started in 2012 with FirstCry and e-commerce for baby products. Later in 2015, it became an independent company under the leadership of Amitava Saha and Supam Maheshwari. Amitava was the co-founder and chief operating officer of FirstCry. Supam Maheshwari was the co-founded FirstCry. Recently they are the chief executive of Xpressbees and the other co-founder of Xpressbees respectively.
Xpressbees plans to deploy the recent investments to further automate its sorting centres and hubs. Also, expand its delivery footprint to cover more areas of the country. “I am delighted to see the impact we are making in the logistics ecosystem in the country,” said Saha in a statement.
E-commerce sales account for less than 5% of all the retails sales in India. During the COVID situation, these figures skyrocketed following the two-month nationwide lockdown. During the festival seasons last month, big companies like Amazon and Flipkart reported a record surge in their sales figures. These firms have created around 1,50,00 seasonal jobs to serve the growing requirements of orders. Xpressbees have a staff of 30,000.
Xpressbees faces tough competition from Delhivery and Ecom Express. Delhivery is backed by SoftBank. And Ecom Express has its presence in about 2,400 Indian cities and towns.