Logistics startup XpressBees to receive $10 million investment from Alibaba

Post By : News Desk
Post Date : December 29, 2019
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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.

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