E-commerce logistics provider Xpressbees has raised $4.9 Mn in debt funding round from InnoVen Capital, which provides loans to startups.
Bengaluru, 20 Feb, 2019. RedNewsire/-
The Alibaba Group-backed e-commerce logistics company will use the raised funds for the expansion of the existing network and creation of new business lines.
Xpressbees was founded in 2015 by Amitava Saha and Supam Maheshwari. It is operated by Busybees Logistics Solutions Pvt. Ltd. Its services include first and last-mile delivery and reverse logistics with facilities, such as real-time tracking, multiple payment collection and processing options.
It claims to serve more than 10,000 pin codes across India, with 53 hubs and about 1,300 service centres.
InnoVen has now invested about ₹75 crore this year across five companies, and has four-five more deals planned for the next couple of months
InnoVen chief executive, Ashish Sharma said, “Logistics is a large market covering many aspects of the supply chain and this is not a winner-takes-all model. There will be many players that will thrive in this sector, though we believe that there’ll be a pervasive shift from unorganized players to larger, well-funded organised players.
Till date, Xpressbees has picked up over $56 million in equity financing from the companies like – SAIF Partners, Paytm, Chiratae Ventures (former IDG Ventures) and Valiant Capital.