Pune-based Busybees Logistics Solutions, which owns logistics platform Xpressbees, has raised $110 million in a growth funding round, led by Investcorp, Norwest Venture Partners and Gaja Capital.
The company will use the capital from the Series E round to automate hubs and sort centres, increase investments in technology and expand delivery footprint to cover the entire country, CEO Amitava Saha said.
Global wealth manager Credit Suisse acted as financial advisor to Xpressbees in this deal.
Founded in 2015 by serial entrepreneurs Saha and Supam Maheshwari, Xpressbees offers first- and last-mile delivery and reverse logistics to the ecommerce sector.
Currently, Xpressbees claims to have a presence across more than 2,000 towns and cities with 1,000+ customers across ecommerce, pharma, FMCG, retail, manufacturing and electronics and consumer durables industry. The company said that it handles over 2 million shipments daily across the country on its network.
“We continue to believe that new age technology led logistics players such as Xpressbees will continue to play a pivotal role both in the growth of the ecommerce sector in India and the transformation of the $200 billion Indian logistics industry,” Niren Shah, managing director and head of NVP India, said.
In January this year, Xpressbees said that it had more than doubled its spending for the financial year ended March 31, to achieve topline growth.
In December 2019, it raised $9.9 million in a Series D round from Chinese internet giant and Paytm-backer Alibaba.