The e-commerce logistics firm plans to utilize its funding toward infrastructural enhancement.
E-commerce logistics company, XpressBees, has made it to the headlines for raising up to INR 35 crore in venture debt financing from the leading, Temasek-backed venture lending firm InnoVen Capital. Reports affirm that the logistics company has raised approximately USD 56 million in equity financing till now from Chiratae Ventures, Valiant Capital and SAIF Partners.
According to reliable sources, XpressBees, operational under BusyBees Logistics Solutions, set out as the logistics arm of FirstCry, the SoftBank-supported omni-channel mother & baby care retailer, before turning into a separate unit in 2015. It offers end-to-end logistics services focused on e-commerce, along with providing client services including multiple payment collection & processing options and real-time tracking. Sources further cite that the company has presence in more than 1,155 cities and towns besides serving over 10,000 pin codes through its 53 hubs and nearly 1,300 service centers.
As per a report, XpressBees’ latest achievement is anticipated to help the company further enhance its infrastructure by deploying the proceeds towards business growth. The venture debt round emerged almost a year after the company had secured up to INR 225 crore from Alibaba Group’s subsidiary, Alibaba.com Singapore E-commerce Pvt. Ltd., in January 2018. The company is reported to be vying with the likes of Ecom Express, Delhivery and more, and serves numerous consumer majors such as Flipkart, Paytm, Clubfactory, Reliance and Snapdeal among others.
Ashish Sharma, Chief Executive, InnoVen Capital, was recently reported elaborating that the lending firm has had a strong relationship with XpressBees over several years and currently intends to continue as a part of their growth journey. He added that XpressBees has inevitable growth prospects, given its coverage potential and technological platform capabilities.
For the record, XpressBees has successfully added around 20 new companies including GreyOrange, Quikr, ElasticRun, DailyHunt, PharmEasy and online pharmacies 1mg, to its portfolio gradually over the recent times.