Pune-based logistics Startup Xpressbees Bags $300 Million; Turns Unicorn with $1.2 Billion Valuation
In a new financing round, Xpressbees, an Indian logistics startup that works with several e-commerce companies in the country, has more than tripled its valuation to $1.2 billion.
In a Series F funding round led by Blackstone, TPG, and ChrysCapital, the Pune-based startup raised $300 million — $100 million in primary funding and $200 million in secondary funding (to give Alibaba a partial exit and one unnamed Chinese investor a full exit). The new funding brings the total amount raised by the company to $575.8 million.
Xpressbees is the second startup based in Pune to achieve unicorn status this week. ElasticRun, a commerce startup, announced that it had raised $1.5 billion in funding.
More than 1,000 customers use Xpressbees to deliver their products across the country, including financial and e-commerce giant Paytm, social commerce startup Meesho, eyewear seller Lenskart, phone maker Xiaomi, online pharmacy NetMeds, and online marketplace Snapdeal. It operates in over 3,000 cities and towns, processing over 3 million orders per day.
Due to the proliferation of e-commerce and social-commerce startups without their own logistics networks, 3PL (integrated supply chain services) e-commerce delivery players have gained significant traction in the last four years.
As more people in India's rural and semi-urban areas begin to order online, these logistics companies are expected to gain market share as they provide the "most efficient last mile delivery to pin codes in rural and semi-urban areas," according to a report published last year by Bernstein analysts.
Amitava Saha, the founder and CEO of Xpressbees, said in a statement, “we are excited to welcome our new partners Blackstone Growth, TPG Growth, and ChrysCapital in our growth journey. With their vast network and operational expertise, we believe that they will further fuel our efforts in pursuing newer opportunities and will help expand our footprint.”
The startup, which expects to grow by 70% this fiscal year, intends to use the new funds to expand into a "full-service logistics" firm. Xpressbees is in competition with a number of companies, including Delhivery, which filed for a $1 billion IPO in November. FedEx, SoftBank, and Tiger Global are among the investors in Delhivery.
In a statement, Blackstone Private Equity's Senior Managing Director Mukesh Mehta said, “Xpressbees is playing an important role in India’s booming ecommerce sector, which is still at an early stage and has a long runway of development.”
In a Series F funding round led by Blackstone, TPG, and ChrysCapital, the Pune-based startup raised $300 million — $100 million in primary funding and $200 million in secondary funding (to give Alibaba a partial exit and one unnamed Chinese investor a full exit). The new funding brings the total amount raised by the company to $575.8 million.
Xpressbees is the second startup based in Pune to achieve unicorn status this week. ElasticRun, a commerce startup, announced that it had raised $1.5 billion in funding.
More than 1,000 customers use Xpressbees to deliver their products across the country, including financial and e-commerce giant Paytm, social commerce startup Meesho, eyewear seller Lenskart, phone maker Xiaomi, online pharmacy NetMeds, and online marketplace Snapdeal. It operates in over 3,000 cities and towns, processing over 3 million orders per day.
Due to the proliferation of e-commerce and social-commerce startups without their own logistics networks, 3PL (integrated supply chain services) e-commerce delivery players have gained significant traction in the last four years.
As more people in India's rural and semi-urban areas begin to order online, these logistics companies are expected to gain market share as they provide the "most efficient last mile delivery to pin codes in rural and semi-urban areas," according to a report published last year by Bernstein analysts.
Amitava Saha, the founder and CEO of Xpressbees, said in a statement, “we are excited to welcome our new partners Blackstone Growth, TPG Growth, and ChrysCapital in our growth journey. With their vast network and operational expertise, we believe that they will further fuel our efforts in pursuing newer opportunities and will help expand our footprint.”
The startup, which expects to grow by 70% this fiscal year, intends to use the new funds to expand into a "full-service logistics" firm. Xpressbees is in competition with a number of companies, including Delhivery, which filed for a $1 billion IPO in November. FedEx, SoftBank, and Tiger Global are among the investors in Delhivery.
In a statement, Blackstone Private Equity's Senior Managing Director Mukesh Mehta said, “Xpressbees is playing an important role in India’s booming ecommerce sector, which is still at an early stage and has a long runway of development.”
