Xpressbees, an Indian logistics startup that works with several e-commerce companies in the country, has more than tripled its valuation to $1.2 billion in a new round of funding.
The Pune-based startup said on Wednesday it had raised $300 million — $100 million in primary and $200 million in secondary — in Series F funding from Blackstone, TPG and ChrysCapital. The new funding takes the startup’s all-time increase to $575.8 million.
Xpressbees is the second Pune-based startup to become a unicorn this week. Commerce startup ElasticRun disclosed in a document on Monday that it has raised funds at a valuation of $1.5 billion.
Xpressbees helps more than 1,000 customers – including financial services and e-commerce giant Paytm, social commerce startup Meesho, eyewear seller Lenskart, phone maker Xiaomi, online pharmacy NetMeds and online marketplace Snapdeal – help deliver your products across the country. It is present in over 3,000 cities and towns and processes over 3 million orders a day.
3PL e-commerce delivery players (integrated supply chain services) have gained significant traction over the past four years thanks to the proliferation of e-commerce and social commerce startups, which do not have their own logistics networks. As more rural and semi-urban population in India starts ordering online, these logistics companies are expected to gain more market share as they provide the “most efficient last mile delivery for PIN codes in rural regions”. and semi-urban,” wrote analysts at Bernstein. year.
“We are excited to welcome our new partners Blackstone Growth, TPG Growth and ChrysCapital on our growth journey. With their vast network and operational experience, we believe they will further propel our efforts to pursue new opportunities and help expand our presence,” said Amitava Saha, founder and chief executive of Xpressbees, in a statement.
The startup, which expects 70% growth in the current fiscal year, plans to deploy the new funds to become a “full-service logistics” company.
“Xpressbees is playing an important role in India’s growing e-commerce sector, which is still at an early stage and has a long way to go,” said Mukesh Mehta, Senior Managing Director at Blackstone Private Equity, in a statement.
This is a developing story. More to follow…