XpressBees Attracts USD 10 Million from Alibaba

By Apac CIO Outlook | Wednesday, January 08, 2020

XpressBees offers a range of services that include first and last-mile delivery and reverse logistics with facilities such as real-time tracking, multiple payment collection, and processing options. The company is likely to deploy fresh funds in expanding and enhancing technology

FREMONT, CA: E-commerce focused end to end supply chain solutions provider XpressBees raised USD 10 million from existing investor Alibaba as part of a Series D funding round. As per the regulatory filings with MCA, XpressBees has passed a resolution to allot and issue 9,317 Series D1 Compulsorily Convertible Preference Shares with a face value of USD 0.14, at a premium of USD 1063 aggregating to USD 10 million to Alibaba. Previously, the Chinese e-commerce giant had invested USD 31 million in a Series D funding for XpressBees run by Busybees Logistics Solutions.

XpressBees offers a range of services that include first and last-mile delivery and reverse logistics with facilities such as real-time tracking, multiple payment collection, and processing options. The company is likely to deploy fresh funds in expanding and enhancing technology. This investment from Jack Ma owned Alibaba came amidst the news that the company had stopped investing in Indian companies. The last investment by the company was in Paytm back in November 2019, which was after a gap of leading a USD 100 million round in UCWeb-owned VMate and a USD 150 million round in BigBasket.

XpressBees' annual financial statements for the fiscal year ending 2019 revealed a 99.7 percent spike in revenue from business operations. To earn this revenue, the company's overall expenditure also increased significantly. This resulted in the company's losses doubling from the fiscal year ending 2018. Founded by Amitava Saha and Supam Maheshwari, XpressBees has been backed by the likes of SAIF Partners, Paytm, and Chiratae Ventures early on. The company was spun out of baby and maternity products retailer FirstCry in 2015. XpressBees competes with Delhivery and Ecom Express in the market, among others.