Alibaba-backed XpressBees raises Rs 35 Cr from InnoVen Capital
Pune-based logistics company XpressBees has raised Rs 35 crore from venture debt capital firm InnoVen Capital. This comes after Chinese conglomerate Alibaba invested over Rs 225 crore in XpressBees last year.
XpressBees was founded by Amitava Saha, Co-founder of FirstCry, and Supam Maheshwari in 2012. They are currently present in more than 1,155 cities across the country. The company claims to deliver to more than 10,000 pincodes with 53 hubs and more than 1,300 service centres. XpressBees will be using the funds raised to expand further and create a new business line.
XpressBees provides logistics services to companies including Paytm, Flipkart, Snapdeal and Reliance. It offers reverse logistics, real-time tracking and multiple payment collection options. The company works with Paytm in which Alibaba has a 40-percent stake and is a third party logistics and eKYC partner.
Amitava said: "We continue to stay focused on growth and capability enhancement, as we strive to become the leading logistics provider in the country. The funds will be deployed largely for growth and infrastructure enhancement."
Xpressbees spun out of FirstCry but separated as an entity in 2015. Operated by BusyBees Logistics Solutions, Xpressbees has previously raised funds from SAIF Partners, Paytm, Valiant Capital and IDG Ventures among other investors. Till date, the company has raised close to $56 million in equity.
Ashish Sharma, Chief Executive of InnoVen Capital India, said: "We have a relationship with XpressBees over last several years and (are) looking forward to continue being a part of their growth journey. We believe that the company is well poised to grow as it enhances coverage, tech platform capabilities and diversification of business mix."
InnoVen Capital disbursed Rs 300 crore in the first half of 2018, and had committed another Rs 418 crore. Its portfolio includes companies like FreshMenu, Flintobox and Eruditus.