Bahrain’s Investcorp, on Sunday, announced that it has invested an undisclosed sum in the Series E round for Indian logistics company, Xpressbees. On contrary, various Indian media houses reported that Xpressbees has raised $110 million in the latest funding round.
Xpressbees claims to have presence in over 2,000 towns and cities across India, and over 1,000 customers across sectors including e-commerce, pharmaceutical, consumer goods, retail, manufacturing, electronics and consumer durables.
Varun Laul, Private Equity, Investcorp India, in a press statement said,
“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,”
Speaking of the development, Amitava Saha, CEO, Xpressbees, said,
“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.”
Ever since Investcorp established its office India, it has invested in a number of Indian startups including Bengaluru’s FreshToHome, Hyderabad’s NephroPlus, InCred, ASG, ZoloStays, Citykart, Intergrow Brands, and Bewakoof.com. Last year, Investcorp raised $142 million for its first private equity (PE) fund to expand its portfolio of investments in India.