XpressBees Ventures into SME Courier Arena with Trackon Acquisition

• ByStartupStory     |    August 14, 2023

XpressBees, an e-commerce-focused logistics startup, has successfully acquired Trackon, a logistics and supply chain firm, marking its inaugural acquisition since its establishment in 2015. The acquisition will enable XpressBees to venture into the SME courier sector, leveraging its existing network to expand Trackon’s operations nationwide. The financial details of the transaction have not been disclosed.

As reported by sources last month, this strategic move allows XpressBees to enhance its presence and services within the logistics landscape. Prabhat Kumar Anand, the founder and CMD of Trackon, will continue to lead the business independently for at least the next two years. As part of the deal, the other three co-founders, namely Pramod Kumar Singh, Dinesh Rautela, and Yoginder Kumar Dabas, have resigned from the company.

The combined expertise of XpressBees and Trackon is anticipated to result in expanded service offerings for existing clients. The acquisition aligns with Trackon’s ambition to extend its services from its current coverage of 5,600 pin codes to 12,000 pin codes within the next few years. The company, with a reported operating revenue of Rs 283 crore in FY22 and a profit of Rs 8.22 crore, is on a growth trajectory.

As of FY22, XpressBees ranked third among new-age logistics and supply chain firms, reporting revenue of nearly Rs 2,000 crore. Following a $300 million funding round in February 2021, XpressBees achieved unicorn status and has also been involved in secondary transactions worth $65 million since August 2022. The Ontario Teachers’ Pension Plan Board is reportedly considering an investment of $100 million in XpressBees, as indicated by recent reports.

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