Logistics startup XpressBees has raised Rs 71.2 crore ($10 million) in fresh funding from existing investor Alibaba, regulatory documents filed by the company showed. This is the latest investment by the Chinese e-commerce firm, whose funding activity in India has slowed sharply in the past one year.
Busybees Logistics Solutions, which runs XpressBees, issued 9,317 Series D1 compulsory convertible preference shares with a face value of Rs 10 each and at a premium of Rs 76,409 to Alibaba.com Singapore E-commerce Pvt. Ltd, according to the documents filed with the Registrar of Companies.
XpressBees, which was spun off as a separate unit from Softbank-backed baby and mother care retailer FirstCry, had previously received an investment of Rs 224 crore from Alibaba in December 2017. The company also raised Rs 35 crore in debt funding from InnoVen Capital in February last year.
The company, whose rivals include Delhivery and Ecomm Express, provides end-to-end e-commerce-focused logistics services, offering clients services such as real-time tracking, multiple payment collection, processing options and handling of returns.
For the year ended March 2019, XpressBees reported a revenue growth of 100% to Rs 541 crore, while its losses more than doubled to Rs 119.7 crore. “The company has incurred losses on account of increase in the costs of expansion, creating infrastructure and capacity and other overheads,” XpressBees said in its annual financial filing to the government.
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