Xpressbees, an Indian logistics agency that works with a number of e-commerce corporations within the nation, mentioned on Monday it has raised $110 million in a brand new financing spherical as on-line purchasing booms on the earth’s second largest web market.
The Pune-headquartered startup’s Sequence E financing spherical was led by personal fairness corporations Investcorp, Norwest Venture Partners and Gaja Capital, the five-year-old startup mentioned. Xpressbees, which concluded its Sequence D spherical three years in the past, has raised $175.8 million to this point, in accordance with analysis agency Tracxn. The brand new spherical valued the startup at greater than $350 million.
Xpressbees helps greater than 1,000 prospects — together with financial and e-commerce services giant Paytm, social commerce startup Meesho, eyewear seller Lenskart, telephone maker Xiaomi, on-line pharmacy NetMeds and on-line market Snapdeal — ship their merchandise throughout the nation. It has presence in over 2,000 cities and cities, and it processes greater than 2.5 million orders a day — up from about 600,000 day by day orders final yr.
“We’ve been actually impressed by their robust buyer centricity and capital effectivity which has resulted in distinctive suggestions from high gamers within the e-commerce sector!” mentioned Niren Shah, managing director and head of Norwest Enterprise Companions in India, in a press release.
Xpressbees began its journey inside FirstCry, an e-commerce for child merchandise, in 2012. However in 2015, it grew to become an impartial firm with Amitava Saha, co-founder and chief working officer of FirstCry, transferring out of FirstCry to change into chief government of Xpressbees. Supam Maheshwari, who co-founded FirstCry and serves as its chief government, is the opposite co-founder of Xpressbees.
The startup mentioned it plans to deploy the recent capital to additional automate its hubs and sorting centres, and broaden its supply footprint to cowl your entire nation. “I’m delighted to see the impression we’re making within the logistics ecosystem within the nation,” mentioned Saha in a press release.
At stake is India’s rising logistics business, which NVP’s Shah estimated to be value $200 billion. “We proceed to consider that new age expertise led logistics gamers equivalent to Xpressbees will proceed to play a pivotal function each within the progress of the e-commerce sector in India,” he added.
E-commerce gross sales, which account for lower than 5% of all retail gross sales in India, skyrocketed throughout the pandemic after New Delhi enforced a two-month nationwide lockdown. Throughout their competition gross sales final month, Amazon India and Walmart-owned Flipkart reported a document surge of their gross sales. The corporations have created greater than 150,000 seasonal jobs to accommodate the rising demand of orders. Xpressbees works with over 30,000 supply employees.
Xpressbees competes with a handful of established corporations and startups, together with SoftBank-backed Delhivery, which grew to become a unicorn final yr, and Ecom Categorical, which has presence in about 2,400 Indian cities and cities.