Xpressbees, an e-commerce logistics provider, became a unicorn on Wednesday, a company valued at $1 billion or more, after raising $300 million in Series F funding led by Blackstone Growth, TPG Growth, and ChrysCapital.
According to a person familiar with the matter who spoke on the condition of anonymity, Xpressbees was valued at $1.2 billion in the most recent round of funding. Existing investors Investcorp and Norwest Venture Partners also participated in the round, according to the company.
In October, VCCircle reported that Xpressbees, a startup run by BusyBees Logistics Solutions Pvt Ltd, was raising funds at a unicorn valuation.
The company, which is backed by Investcorp, is considering an initial public offering (IPO) as early as this year, according to Gaurav Sharma, head of private equity (PE) at Investcorp India.
The platform has now raised more than $500 million as a result of this. It intends to use the new funds to expand its product development, hire talent, and become a full-service logistics provider.
The company’s revenue increased by 95 percent in 2018-19 (FY19) and is expected to increase by 75 percent in 2021-22, According to an Xpressbees spokesperson.
The platform claims to be present in 3,000 cities and caters to sectors such as e-commerce, pharmaceuticals, fast-moving consumer goods, retail, manufacturing, electronics, and consumer durables. It was founded in 2015 by serial entrepreneurs Amitava Saha and Supam Maheshwari.
The company claims to deliver in over 20,000 zip codes and claims to deliver over 1.5 million packages per day. It operates out of 52 airports in India and has over 100 hubs across the country.
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