Logistics unicorn Xpressbees has secured INR 195 Cr as a secondary investment from Avendus’ fund called Avendus Future Leaders Fund II.
The latest development comes after Xpressbees’ parent company Busybees Logistics Solutions reported a 33% growth in its operating revenue and also narrowed its losses by 36% in the financial year 2020-21.
“We are excited to partner with Avendus at this stage as we continue our journey to become a leading end-to-end logistics player. We have built a valuable brand and believe this announcement is a great testament to the opportunity that exists in the logistics space,” said Amitava Saha, founder of Xpressbees.
Founded in 2015 by Amitava Saha and Supam Maheshwari, Xpressbees is a spin-off of children-focussed ecommerce marketplace FirstCry. The logistics startup claims to be operating in 3000 Indian cities and delivering more than 1.5 Mn packages per day.
Xpressbees also claims to be managing 100 hubs across the country, having more than 10 Lakh sq ft warehouse capacity.
In February, Xpressbees joined the coveted unicorn club after raising $300 Mn in its Series F funding round at a post-money valuation of $1.2 Bn.
Its cap table includes Blackstone Growth, TPG Growth, ChrysCapital, Investcorp and Norwest Venture Partners, among others.
Speaking on the fund raise, Ritesh Chandra, managing partner at Avendus Future Leaders Fund, said, “Xpressbees with its asset-light franchise model coupled with cutting-edge technology deployment across all its functions, is all set to occupy a leading position in the logistics landscape in India. Avendus is truly excited to partner with them in this journey of value creation.”
Set up in 2021, Avendus Future Leaders Fund II manages an asset under management (AUM) of nearly INR 1500 Cr. Its portfolio companies include Lenskart, SBI General Insurance, Licious, Juspay and Zeta, among others.
Xpressbees, on the other hand, competes with the likes of listed logistic startup Delhivery and IPO-bound startup Ecom Express.
According to a Statista report, India’s logistics market, which was pegged at $250 Bn in FY 2021, is likely to become a $380 Bn market by 2025, growing at a CAGR of 10-12% by 2025.
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Logistics unicorn Xpressbees has secured INR 195 Cr as a secondary investment from Avendus’ fund called Avendus Future Leaders Fund… News, B2BInc42 Media