Logistics startup Xpressbees FY21 Loss Shrinks by 36% To INR 65.5 Cr, Operating Revenue Up 33%
- ByStartupStory | June 30, 2022
In the fiscal year 2020–2021 (FY21), Xpressbees, a startup in the logistics industry, saw a 36.2 per cent drop in a net loss to INR 65.5 Cr. The firm recorded a decrease in its loss for the second year in a row. It had a net loss of INR 119.7 Cr in FY19; this decreased to INR 102.7 Cr in FY20.
According to Busybees Logistics Solutions, the startup’s parent firm, operating revenue at Xpressbees increased 32.6 per cent year over year (YoY) to INR 1,004.8 Cr in FY21. Its overall income increased from INR 762.2 Cr in FY20 to INR 1,019.8 Cr in FY21. Its entire income for FY19 was INR 553.4 Cr.
It is important to note that the startup was able to reduce losses in FY21 despite an increase in its overall spending for the year. Total expenses at Xpressbees climbed by 24 per cent year over year to INR 1085.4 Cr. The largest component of overall expenses, transportation costs, increased to INR 810.7 in FY21 from INR 651.7 in FY20.
In addition, Xpressbees spent 53.5 crore rupees on rent throughout the year compared to 45.3 crore rupees the previous year. In FY21, their legal fees increased 8X to INR 16 Cr. The entire cost of employee benefits increased by 13% to INR 119.7 Cr in FY21, while other expenses increased to around INR 949 Cr from INR 749.3 Cr.
After it was separated from its baby items retail company FirstCry in 2015, Amitava Saha and Supam Maheshwari founded Xpressbees. Last-mile delivery, payment collection, reverse logistics, drop shipping, vendor management, and cross-border services are just a few of the logistics services provided by Xpressbees.
The firm presently operates in 3,000 places, serves more than 20,000 pin codes, and sends more than 1.5 million items daily. After obtaining $300 Mn in its Series F fundraising round, led by Blackstone Growth, TPG Growth, and ChrysCapital, it joined the unicorn club in February of this year. It had raised $110 Mn in its Series E funding round by November 2020, which was headed by private equity companies like Investcorp, Norwest Venture Partners, and Gaja Capital.
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