Xpressbees raises $12.5 million in Series A funding
1 min read . Updated: 19 Feb 2016, 09:00 PM IST
PremiumThe funding will be used to strengthen technology initiatives and processes
Bengaluru: Xpressbees (Busybees Logistics Solutions Pvt. Ltd), an e-commerce logistics firm, has raised $12.5 million in Series A funding, led by its existing investors SAIF Partners, IDG Ventures, Vertex Ventures and Valiant Capital, among others.
The funding will be used to strengthen technology initiatives and processes, the company said in statement.
This news was first reported by The Economic Times on Friday.
Founded in September 2015 by Amitava Saha and Supam Maheshwari, Xpressbees was incubated by the founding team of FirstCry, an online portal for baby products.
“Today we operate the largest same day delivery (SDD) and next day delivery (NDD) network in the country, covering around 100 cities along with offering specialised services like ‘try and buy’ in the fashion category," said Saha, founder and CEO of Xpressbees in a statement.
The company clocks over 100,000 shipments daily, according to the statement.
Larger logistics companies such as Delhivery and Ecom Express, among others, are partnering with last-mile delivery specialists like Taykit, QikPod and Opinio to reduce the load of bigger logistics companies, the cost of delivery and failure rate.
The e-commerce market in India is estimated to rise to $100 billion in sales by 2020, from around $20 billion today, according to a 2015 report by Goldman Sachs.
Online marketplace leaders like Amazon, Flipkart and Snapdeal have aggressively invested in increasing their logistics capabilities in recent times.
Snapdeal bought a large stake in logistics firm GoJavas, Flipkart bought back its logistics business from WS Retail Services and Amazon added eight warehouses, taking its count to 21, with a reach of more than 2,100 cities and towns in 2015.
