India’s Xpressbees, a logistic startup known to have worked with big names in the country has raised $300 in a Series F funding round, more than tripling its valuation to $1.2 billion. The funding round was participated by Blackstone, TPG and ChrysCapital. The startup joins ElasticRun in its unicorn status which was achieved on Monday. A filing made on Monday disclosed that ElasticRun had reached a new valuation of $1.5 billion after raising funds. Xpressbees is therefore the second Pune-headquartered company to become a unicorn this week.
As announced on Wednesday by the company, it raised a total of $300 million in its Series F funding; $100 million in primary funds and $200 million in secondary funds to give partial exit to Alibaba and full exit to another Chinese investor that was undisclosed. The total amount raised by the startup is a cumulative $575.8 million.
Xpressbees boasts of more than a thousand customers under its belt, among which big names in India like Paytm, Meesho, Xiaomi, Lenskart, Snapdeal, NetMeds, etc., are a part of. It also boasts of an average of 3 million orders per day and is present in 3,000 cities. Xpressbees thrives on e-commerce and social commerce startups that do not have their logistics network or the capability to venture into logistics and provides services that help ensure the smooth running of a business.
The company has a positive outlook for the current financial and the new funds could go a long way in helping it achieve all of that. Xpressbees expects growth of 70 percent in its current financial year.
Xpressbees is excited by the round and all it can achieve with the funding. A statement from the startup’s founder and CEO reads, “We are excited to welcome our new partners Blackstone Growth, TPG Growth, and ChrysCapital in our growth journey. With their vast network and operational expertise, we believe that they will further fuel our efforts in pursuing newer opportunities and will help expand our footprint”.
Speaking on the investment, Mukesh Mehta, Senior Managing Director at Blackstone Private Equity said in a statement that “Xpressbees is playing an important role in India’s booming e-commerce sector, which is still at an early stage and has a long runway of development”.
With the new funds, Xpressbees says it plans to become a “full-service logistics” firm.