Xpressbees, sponsored by Investcorp, joins the unicorn race after Blackstone and others invest $300 million
- ByStartupStory | February 9, 2022
On Wednesday, e-commerce logistics firm Xpressbees, which is owned by BusyBees Logistics Solutions Pvt Ltd, announced that it had raised $300 million in Series F capital from Blackstone Growth, TPG Growth, and ChrysCapital at a unicorn valuation.
Unicorns are privately held businesses with a market capitalization of $1 billion or more. According to a person familiar with the situation who requested anonymity, the newest round valued Xpressbees at $1.2 billion.
Existing investors, Investcorp, and Norwest Venture Partners also participated in the logistics company’s Series F round, according to the company. The platform has now amassed over $500 million in revenue as a result of this. It intends to use the funds to develop new products, hire new employees, and grow into a full-service logistics company.
According to an Xpressbees representative, the company’s sales increased by 95 percent in 2018-19 (FY19), and it plans to increase revenue by 75 percent in 2021-22. (FY22).
The platform, which was founded in 2015 by serial entrepreneurs Amitava Saha and Supam Maheshwari, claims to be present in 3,000 locations and serves industries such as e-commerce, pharmaceuticals, fast-moving consumer goods, retail, manufacturing, electronics, and consumer durables. In addition, the organization claims to deliver in over 20,000 zip codes and over 1.5 million products per day. Xpressbees claims to operate out of 52 airports in India and has over 100 stations across the country.
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