Xpressbees, an Indian logistics company that works with numerous e-commerce companies in the nation, stated on Monday it has raised $110 million in a brand-new funding round as online shopping booms on the planet’s second largest internet market.
The Pune-headquartered startup’s Series E financing round was led by private equity companies Investcorp, Norwest Venture Partners and Gaja Capital, the five-year-old startup stated. Xpressbees, which concluded its Series D round three years ago, has actually raised $175.8 million to date, according to research firm Tracxn. The brand-new round valued the start-up at more than $350 million.
Xpressbees helps more than 1,000 clients– including monetary and e-commerce services huge Paytm, social commerce startup Meesho, eyeglasses seller Lenskart, phone maker Xiaomi, online drug store NetMeds and online market Snapdeal– provide their items throughout the country. It has existence in over 2,000 cities and towns, and it processes more than 2.5 million orders a day– up from about 600,000 everyday orders last year.
“We have actually been truly impressed by their strong customer centricity and capital effectiveness which has actually resulted in exceptional feedback from leading gamers in the e-commerce sector!” stated Niren Shah, managing director and head of Norwest Endeavor Partners in India, in a declaration.
Xpressbees started its journey within FirstCry, an e-commerce for child items, in 2012. In 2015, it ended up being an independent company with Amitava Chief, saha and co-founder operating officer of FirstCry, moving out of FirstCry to become chief executive of Xpressbees. Supam Maheshwari, who co-founded FirstCry and works as its chief executive, is the other co-founder of Xpressbees.
The start-up said it plans to release the fresh capital to additional automate its hubs and arranging centres, and broaden its shipment footprint to cover the whole nation. “I am delighted to see the effect we are making in the logistics environment in the nation,” stated Saha in a statement.
At stake is India’s growing logistics market, which NVP’s Shah estimated to be worth $200 billion. “We continue to believe that new age technology led logistics gamers such as Xpressbees will continue to play an essential role both in the growth of the e-commerce sector in India,” he added.
E-commerce sales, which account for less than 5% of all retail sales in India, increased during the pandemic after New Delhi implemented a two-month nationwide lockdown. During their festival sales last month, Amazon India and Walmart-owned Flipkart reported a record rise in their sales. The companies have developed more than 150,000 seasonal tasks to accommodate the growing demand of orders. Xpressbees deal with over 30,000 delivery staff.
Xpressbees takes on a handful of established companies and startups, including SoftBank-backed Delhivery, which ended up being a unicorn last year, and Ecom Express, which has presence in about 2,400 Indian cities and towns.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.