India-based Logistics unicorn Xpressbees has secured $24.6-million as a secondary investment from Avendus’ fund, Avendus Future Leaders Fund II.
Before this latest development, Xpressbees’ parent company Busybees Logistics Solutions, reported a 33% growth in its operating revenue and narrowed the company’s losses by 36% in the financial year 2020-2021.
Amitava Saha, the founder of Xpressbee stated that, “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.”
The company was founded by Amitava Saha and Supam Maheshwari in 2015; Xpressbees is a spin-off of a children-focused e-commerce marketplace FirstCry.
The company claims to be managing 100hubs across the country, having more than 10 Lakh square feet warehouse capacity.
Xpressbees currently operates in 3000 Indian cities, the logistics start-up delivers more than 1.5-million packages per day.
In February this year, Xpressbees joined attained its unicorn status after raising $300-million in its Series F funding round at a post-money valuation of $1.2-billion.
Regarding the funds raised, Ritesh Chandra, the managing partner at Aventus Future Leaders Fund, said that “ 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 logistics landscape in India. Avendus is truly excited to partner with them in this journey of value creation.”
Avendus Future Leaders Fund II was founded in 2021 to manage an asset under management (AUM) of nearly INR 1500 Cr (approximately $190-million). Its portfolio companies include Lenskart, SBI General Insurance, Licious, Juspay, Zeta, etc.
Xpressbees competes with the likes of a listed logistic startups such as Delhivery and IPO-bound startup Ecom Express.