Indian logistic startup Xpressbees is ramping up its investment during the pandemic. It asserted to raise a sum of $110 million in a Series E funding round on Monday. This is a sure sign of the booming online industry for shopping, leading the logistic startup to value at $400 million approximately.
Xpressbees, a logistic startup, was established by Amitava Saha and Supam Maheshwari in 2015, and headquartered in Pune. The venture got its investment in the financing round. The Series E round was conducted by the capital investors as Norwest Venture Partners, Investcorp, and the Gaja Capital. The logistics startup Xpressbess successfully has raised a sum of $175.8 million up to the present time. The startup also raised a significant fund in Series D funding round back in 2018. Around 30 million from the current investment has been used to procure the shares from the present investors.
Xpressbees has a wide market and handles around 2.5 million orders per day. These numbers have spiked almost 600,000 daily orders as compared from last year. The startup is planning to expand its visibility from 12000 pin codes to almost 20000 pin codes across India.
Head and Managing Director of Norwest Venture Partner, Niren Shah is surely fascinated by the Xpressbees growth. He said, “We have been truly impressed by their strong customer centricity and capital efficiency which has resulted in exceptional feedback from top players in the e-commerce sector!” Norwest Venture Partner was also a key investor in the Series E funding round.
Xpressbees also raised a significant amount from the Chinese delivery giant, Alibaba almost 3 years ago. The e-logistic firm has observed a sharp growth in its shipment per day since then.
It used to ship almost 1.4 lakh parcels per day when it got funded by Alibaba back in early 2018. With the proper strategy, it ships almost 7-8 lakhs parcels per day at present. The startup brought a revolutionary change in the delivery system by providing the tracking system for the online shipped products. Through its platform, it provides a smooth delivery experience to its customers. It has helped thousands of customers by providing services in diverse domains. It is connected to the indeginous social commerce platform Meesho, the smartphone manufacturer Xiaomi, the payment service giant Paytm, the optical wear retailer Lenskart, Indian-origin e-commerce platform Snapdeal, and the e-pharmacy giant NetMeds.
Xpressbees, back in 2012, stepped into the market with an e-commerce platform the baby products, FirstCry. Amitava Saha was the co-founder and Chief Operating Officer, while Supam Maheshwari was the co-founder and Chief Executive of the e-commerce platform FirstCry. Later Amitava founded the Xpressbees with Supam in 2015. Today the logistic giant works with more than 30,000 staff members across the nation.
The e-commerce giant Xpressbees has visionary plans for automating its centres and sorting its marketplaces. The startup is further looking to expand its delivery footmark over the nation. Saha, co-founder and CEO of Xpressbees, said, “I am delighted to see the impact we are making in the logistics ecosystem in the country.”
The online logistics industry is flourishing over the nation. It is estimated to be worth $200 billion. NVP’s Shah comprehended the market thoroughly, and believed in modern technology that can drive logistics to a whole new level. The changes that will be accompanied with the advanced system will certainly raise the widespread e-commerce market in India.
The pandemic might have been a bane for the running economic lifeline of the world, but digitalisation is at its peak now. Online e-commerce platforms have observed a surge in their services during Covid-19. E-market sales generally comprise a fraction of 5% in India’s retail sales. The picture completely changed after the whole nation was in lockdown. The sales escalated significantly. Also, the well-known delivery-giants Flipkart, which was owned by Walmart, and Amazon India reported an accelerated scale in the customer’s demand section.
There are competent players in the market as well. Some prominent and competitive ventures include logistics and delivery service provider Ecom Express Pvt Ltd , and the supply chain service provider Delhivery. Ecom Express Pvt Ltd has covered almost 2,400 cities and towns across the country.