Logistics unicorn Xpressbees has secured INR 195 Cr as a secondary investment from Avendus’ fund called Avendus Future Leaders Fund II.
This development comes after, Busybees Logistics Solutions-the parent company of Xpressbees 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,”
Amitava Saha, Founder, Xpressbees
Founded by Amitava Saha and Supam Maheshwari in 2015, Xpressbees is a spin-off of children-focussed e-commerce marketplace FirstCry. Operating in 3000 Indian cities, the logistics start-up delivers 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.
Xpressbees In February, 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.
“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 logistic landscape in India. Avendus is truly excited to partner with them in this journey of value creation.”
Ritesh Chandra, managing partner at Avendus Future Leaders Fund
Established 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.
India’s logistics market, which was estimated at $250 Bn in FY 2021, is likely to become a $380 Bn markets by 2025, growing at a CAGR of 10-12%, says a Statista report.
