India-Based Logistics Startup Xpressbees Raises $110 Million

xpressbees secures funding

The Indian logistics startup has secured $110 million in its new financing round as online shopping is seeing a steep rise in these times of the pandemic. This was the Series E round for the Pune-based company, which was led by private equity firms Investcorp, Norwest Venture Partners and Gaja Capital.

Xperssbees had last raised money three years back through its Series D. The startup, after the latest funding, is valued at over $350 million. The company’s customers include financial and e-commerce giants, including Lenskart, Paytm, NetMeds, Snapdeal, and even the phone maker Xiaomi.

With an impressive presence in over 2,000 cities and towns, the company is a major disruptive force in e-commerce. The company spun out of FirstCry in 2015. “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!” said Niren Shah, MD and head of Norwest Venture Partners in India, in a statement.

The startup plans to use the fresh funding to automate its hubs and sorting centers. It will also look to expand its delivery footprint in India.