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XpressBees raises ₹71 crores from Alibaba in fresh funding

Alibaba

Pune-based logistics startup XpressBees has raised ₹71.2 crores ($10 million) from Chinese ecommerce giant Alibaba in a fresh funding round, reported ET.

The news comes weeks after it was reported that XpressBees’ board had approved allotment of Series D shares worth ₹71 crores to Alibaba.

ET report also stated that XpressBees had issued 9,317 Series D1 compulsory convertible preference shares with a face value of ₹10 each at a premium of ₹76,409 to Alibaba.

With the latest investment, Alibaba might be looking to renew its sluggish funding activities in India over the last year.

Founded by Amitava Saha and Supam Maheshwari in 2015, XpressBees provides end-to-end supply chain solutions to its partners in India. It was spun off from its parent entity online baby care products retailer FirstCry.

The startup claims to deliver more than 600,000 shipments a day across the country through its network of over 20,000 field executives. XpressBees also boasts of 100% year on year growth in revenues since inception.

Earlier in 2019, XpressBees had raised ₹35 crores in debt funding from InnoVen Capital.

Operating in the booming logistics sector, XpressBees competes with unicorns like Delhivery and Rivigo, along with other startups including Ecom Express, Ekart Logistics, BlackBuck, among many others.

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