During FY21, Logistics firm: XpressBees crosses Rs 1,000 Cr in revenue
- ByStartupStory | March 31, 2022
During the fiscal year ending March 2021, Logistics companies belong to one of the few categories which rode out the pandemic with strong growth. In FY21, Delhivery and Shadowfax reported 31% and 42% growth. Pune-based XpressBees has now managed to grow its scale by over 32%, during the same period going past the Rs 1,000 crore revenue mark.
After raising $300 million in its Series F round led by Blackstone, becoming the eighth Indian startup to achieve this milestone in 2022, Xpressbees, the seven-year-old logistics solutions company turned unicorn last month.
For FY21, XpressBees recently filed its annual statements during which its revenue from operations stood at Rs 1,004.8 crore, as compared to Rs 757.2 crore it earned during FY20 registering a 32.7% growth.
A bouquet of supply chain solutions including cross border logistics, B2B/B2C express delivery service, and warehousing services to huge e-commerce players including Meesho, Netmeds, Snapdeal, Myntra, and Bigbasket has been offered by the company.
Over 3 million shipments per day across its network in 2500 cities has been claimed to be handled by the company
After it received backing from Chinese e-commerce giant Alibaba which helped forge business partnerships with other investee companies BigBasket and Paytm Mall, XpressBees came into the limelight in 2018.
Thanks to its fundraising, the Pune-based startup from its financial assets during FY21 also earned a non-operating income of Rs 15 crore, registering a 200% surge from the same in FY20 as compared to Rs 3.3 crore earned.
Logistics and transportation costs stood out as the largest cost centre for XpressBees accounting for 74.7% of its annual expenditure, moving on to the expense sheet. These costs grew by 24.4% to Rs 810.7 crore during FY21 from Rs 651.7 crore spent in FY20, with the surge in order volume.
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