Three PE funds invest $110 million in e-commerce logistics firm Xpressbees

Leading end-to-end supply chain firm Xpressbees on November 9 announced a Series E investment of $110 million led by Investcorp, Norwest Venture Partners and Gaja Capital. Founded by Amitava Saha and Supam Maheshwari, the e-commerce logistics firm's latest equity financing round comes almost three years after the previous fund raise in December 2017.

"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 foot print to cover the entire country,” Xpressbees CEO Amitava Saha said.

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NVP India MD Niren Shah stated that his firm has decided to invest in Xpressbees after being impressed with their strong customer centricity and capital efficiency.

"We continue to believe that new-age technology-led logistics players such as Xpressbees will continue to play a pivotal role both in the growth of the e-commerce sector in India and the transformation of the $200 billion Indian logistics industry," Shah said.

Speaking on the same lines, Investcorp MD Varun Laul said, "Xpressbees is at the strategic sweet spot of consumption shift to digital and e-commerce, and economic multiplication potential of logistics in India. Investcorp strongly believes in the digital transformation of the Indian consumer and the enterprises."

Meanwhile, Gaja Capital's MD Gopal Jain said Xpressbees is a partner of choice for most e-commerce businesses as its founders have a successful entrepreneurial track record.