The Chinese conglomerate, Alibaba, is known for its interest in investing in other businesses and startups. In 2018, the company invested over INR 225 crores in Pune-based logistics startup, XpressBees. It was founded by Amitava Shah and Supam Maheshwari in 2012.
XpressBees is ready to raise $10 million from its existing investor, Alibaba, in its Series D round, and they will use these funds for growth and expansions of the business. The company is planning to raise its capital by issuing compulsory shares or subscription shares. The company provides logistics services to companies like Paytm, Flipkart, Snapdeal, and Reliance. With services like reverse logistics, real-time tracking, and multiple payment collection options, they offer assistance to 10,000 pin codes with 53 hubs and more than 1,300 service centers.
Early funding by XpressBees
Before this round, the company held six funding rounds, where they raise $157.6 million. With the Indian logistics sector growing at a rapid pace, the companies are expected to reach $215 billion by 2020. Operated by BusyBees and spun out of FirstCry as an entity in 2015, XpressBees raised funds from Paytm, Chiratae Ventures, Vertex Ventures, and IDG Ventures among other in previous rounds. SoftBank Group, as an individual, invested $350 million in the company.