Xpressbees received this money as a second investment form Avendus the fund
The latest developments come following Xpressbees parent company announced the growth of 33% in operating revenues and cut the losses of 36% during the fiscal year 2020-21.
This month, the company was a part of the unicorn club, which is a coveted one after raising $300 million during its Series F financing round at a post-money price of $1.2 Billion
A unicorn in logistics Xpressbees has acquired INR the sum of 195 crore as a second-round investment from Avendus Fund called Avendus Future Leaders Fund II.
The latest developments come following Xpressbees its main company Busybees Logistics Solutions reported an increase of 33% in operating revenues and also trimmed its losses by 36% during the year of 2020-21.
We are delighted to join forces with Avendus at this point as we work to become a world-class all-inclusive logistics company. We have developed a highly valuable brand, and we believe it is wonderful illustration of the potential that is available in the field of logistics, said Amitava Saha the co-founder of Xpressbees.
In 2015, Xpressbees was founded with Amitava Saha, Supam Maheshwari in 2015, Xpressbees is the spin-off from an e-commerce site geared towards children called FirstCry. The logistics company boasts of operating in over 3000 Indian cities and has delivered more than 1.5 million packages per day.
Xpressbees also claim to be operating 100 hubs across country, and has greater than 10 Lakh square feet of warehouse space.
This month, Xpressbees was a part of the sought-after unicorn group following the raising of $300 million through its Series F capital round, with a post-money value of $1.2 Billion.
The table of its cap includes Blackstone Growth, TPG Growth, ChrysCapital, Investcorp and Norwest Venture Partners, among other companies.
In announcing the fund raise, Ritesh Chandra, managing partner of Avendus Future Leaders Fund, stated, “\Xpressbees with its asset-light franchise model and the latest technology deployed across its various functions will soon take a lead position in the logistics industry in India. Avendus is thrilled to work with them on this process of creating value.”
In 2021, the fund was established. Avendus Future Leaders Fund II is a fund that manages assets under management (AUM) of close to 1500 crore INR. The portfolio companies it manages comprise Lenskart, SBI General Insurance, Licious, Juspay and Zeta among others.
Xpressbees, on one on the other hand, competes against the likes of listed logistics startup Delhivery and an IPO-bound company Ecom Express.
According to a Statista report The market for logistics in India estimated at $250 billion for FY 2021 is expected to be a $380 billion market by 2025. It is expected to grow at a rate of 10-12% by 2025.