22 Nov 2020
Investcorp, a leading global provider and manager of alternative investment products, announced its investment in Xpressbees, a leading end-to-end e-commerce logistics platform in India. The investment was made as part of a Series E funding with participation from a consortium of local and global investors.
Founded in 2015 by serial entrepreneurs Amitava Saha and Supam Maheshwari, Xpressbees is amongst the market leaders in e-commerce logistics in India and offers services including first and last-mile delivery, reverse logistics, real-time tracking, and multiple payment collection and processing options. Xpressbees is in the process of transforming itself into a fully-fledged supply chain company with Express Cargo, 3PL and Cross Border Logistics.
“Xpressbees is in our view at the strategic sweet spot of the consumption shift to digital and e-commerce, and the significant growth potential of the US $200bn+ logistics industry in India. Investcorp strongly believes in the digital transformation of the Indian consumer and enterprises, and hence we are excited to partner with Amitava and the Xpressbees’ management team in their journey to build a technology-first market defining business”, said Varun Laul, Private Equity, Investcorp India.
“We deeply value the support and trust of our employees, customers, investors and partners who have been instrumental to our success. I am delighted to see the impact we are making in the logistics ecosystem in the country. We will use this investment for further automating our hubs and sort centres, increased investments in technology and to expand our delivery footprint to cover the entire country.” said Amitava Saha, CEO, Xpressbees.
Today, Xpressbees has a presence across 2,000+ towns and cities in India and has strong traction with more than 1,000+ customers across several industries, including e-commerce, pharmaceutical, fast-moving consumer goods, retail, manufacturing, electronics and consumer durables. The company handles over 2 million shipments daily across the country on its network.
Investcorp is looking towards fast-growing consumer brands that have been supercharged through digitization and technology to serve the needs of customers. In India, the firm invests in mid-market companies across consumption-linked sectors throughout India. Investcorp targets opportunities across the consumer tech, healthcare, financial services and technology sector. Other than XpressBees, the firm has invested in eight companies namely InCred, ASG, Zolo, Citykart, Intergrow Brands, Bewakoof.com, NephroPlus and FreshToHome. The focus is on targeting first-generation entrepreneurs scaling up businesses with asset-light models and proven unit economics.