Chinese e-commerce giant, Alibaba is reportedly planning to invest 10 million dollars in XpressBees, a logistics startup company based in Pune. The company filings show that the investment is an extension to Series-D funding raised by XpressBees in 2017.
The e-commerce giant had earlier invested 35 million dollars in XpressBees.
In the business XpressBees is allotting 9,317 Series D1 compulsorily convertible preference shares at a price equivalent to $1,073.306 each, to Alibaba, according to Paper.vc.
XpressBees was founded in 2015 by IIM graduates, Supam Maheshwari and Amitava Saha, who are also the founders of SoftBank-backed online baby care products retailer, FirstCry.
The logistics startup has raised total funding of $157.6 million from investors including InnoVen Capital and Alibaba Group, according to the data platform Crunchbase.