Amitava Saha, Co-founder of FirstCry and Supam Maheshwari, founded XpressBees in the year 2012. They are presently operative in over 1,155 cities in all parts of the country. The firm provides logistic services to world-famous companies including Snapdeal, Paytm, Reliance, and Flipkart. It offers reverse logistics, numerous payment collection alternatives, and real-time tracking concomitantly. Other than that, the company also works with Paytm in which Alibaba has a stake of up to forty percent. In fact, it is a third party logistics and eKYC partner. Operated by BusyBees Logistics Solutions, XpressBees has raised funds from Valiant Capital, SAIF Partners, IDG Ventures, and many other investors in the past. XpressBees claims to deliver to more than ten thousand pin codes with fifty-three hubs and over thirteen hundred service centers. Lastly, XpressBees has raised $56 million in equity to date.
Pune-based logistics firm XpressBees has raised Rs 35 Crore from InnoVen Capital. The venture debt Capital firm paid out Rs 300 Crore in the first half of 2018 and had committed another Rs 418 Crore. Moreover, its portfolio consists of companies like FlintoBox, Eruditus, and Freshmenu.
XpressBees will make use of the funds that it has received from InnoVen Capital in the best way possible. They will be deployed largely for growth purposes and infrastructure enhancement. Earlier, Chinese conglomerate Alibaba also invested more than $40 million in XpressBees last year.
Additionally, the Chief Executive of InnoVen Capital India stated that they have been in a relationship with XpressBees for a couple of years and they are looking forward to continuing being an essential part of their endless journey. InnoVen Capital believes that XpressBees has the potential to grow as it enhances tech platform capabilities, diversification of business mix, and coverage.
The Road Map
XpressBees indubitably has some plans to grow and expand its operations as soon as possible. The company aims and strives to become the leading logistics provider in the country. On this account, it remains focused on growth and capability amelioration to attain the best results.
InnoVen Capital has invested in XpressBees so that the company can grow and expand in the best way possible. In addition to that, InnoVen Capital has recently also invested in curated travel platform TravelTriangle, Ed tech startup Flinto, and online classifieds marketplace Quikr as well.
Get in touch with the team today.
Image Source- Google