Alibaba could invest up to ₹639 crore in logistics firm XpressBees

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

China-based e-commerce giant Alibaba is reportedly in advanced stages of talks with logistics firm XpressBees to invest around ₹639 crore ($100 million). With this, Alibaba is reportedly looking to acquire a significant amount of minority stake in the logistics company.

The deal, which is said to be final stages, will mark the China-based giant’s sixth investment in an Indian company. It seems that the company is building assets in order to ramp up its battle against homegrown Flipkart and global e-commerce giant Amazon.

According to the sources aware of the matter, the deal could take about 2-3 weeks to materialise. At this time, it is not known how much stake Alibaba will be taking up. As per the report in Economic Times, talks between XpressBees and Alibaba have been on for about 18 months.

XpressBees is a logistics company which has been spun out of FirstCry — an online e-commerce portal for baby products which has now expanded its reach with offline stores as well. The company grabbed headline with the acquisition of Mahindra’s Babyoye in 2016. XpressBees competes against the likes of Delhivery, Ecom Express, among others.

With Alibaba’s investment in the company, there is a possibility that the China-based company could use XpressBees for the logistics needs of all of its portfolio companies in India, including Paytm Mall and Bigbasket, which would provide the logistics company with a larger captive customer base,

With Alibaba growing its portfolio in India, there are rumours suggesting that Alibaba Group is planning to to move one of its key executives from Hong Kong — senior director Kshitij Karundia, to India in order to work more closely with the businesses and look for more investments.

- Advertisement -

Latest News

Trump lauds relations with Italy, Rome seeks trade dialogue (Lead)

Washington, Oct 16 (IANS/AKI) Ties between Italy and the US "have never been so good", US President Donald Trump...

Libyan conflict risks destabilising Africa: Italy

Washington, Oct 16 (IANS/AKI) The protracted conflict in Libya could destabilise the whole of Africa, Italian President Sergio Mattarella said on Wednesday after talks...

Good friends buy Pakistan four months to ‘eliminate’ terror financing – But can it?

New Delhi, Oct 16 (IANS) With all-weather friend China heading the FATF, and backed by two other "brotherly countries" of Malaysia and Turkey, Pakistan...

Telcos passing off wirelines as mobile numbers to evade charges: Jio

New Delhi, Oct 16 (IANS) Reliance Jio has alleged incumbents, including state-run BSNL, Bharti Airtel and Vodafone Idea, have fraudulently masquerading wireline numbers as...

Vice President watches ‘Sye Raa…’ with Chiranjeevi

Hyderabad/ New Delhi, Oct 16 (IANS) Vice President M. Venkaiah Naidu on Wednesday watched Telugu movie "Sye Raa Narasimha Reddy" along with its lead...
- Advertisement -

More Articles Like This