Xpressbees narrows losses
2 min read . Updated: 16 Nov 2022, 01:17 AM IST
Premium- Consolidated revenue from operations surged 88.5% to ₹1,904.4 crore from ₹1,010.2 crore
BENGALURU :
Logistics unicorn Xpressbees, run by BusyBees Logistics Solutions Pvt. Ltd, narrowed its net loss to ₹27.1 crore in the financial year ended March from ₹63.4 crore in the previous year, while posting an operating profit for the first time.
“We are profitable at Ebitda (earnings before interest, tax, depreciation and amortization) level for FY22," founder and chief executive Amitava Saha said in an interview. He didn’t elaborate.
A company spokesperson pegged the Ebitda figure at more than ₹19 crore.
Consolidated revenue from operations surged 88.5% to ₹1,904.4 crore from ₹1,010.2 crore, according to the company’s latest filings with the Registrar of Companies (RoC).
“Our strong FY22 performance is a result of growth coming from new business lines, continued expansion as well growth from the e-commerce market. The result reflects our constant and continuing efforts to remain focused on creating value for our stakeholders, through continued operational efficiency, profitability, and being resilient for our customers, people and partners," said Saha.
This February, Xpressbees became a unicorn startup after it raised $300 million in a Series F round led by Blackstone Growth, TPG Growth and ChrysCapital at $1.2 billion valuation, VCCircle reported.
In August, VCCircle reported that late-stage investor Avendus Future Leaders Fund took a stake in the logistics firm from existing investor Elevation Capital via a secondary deal worth ₹195 crore.
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Set up by Saha and Supam Maheshwari, Xpressbees claims to serve 3,000 cities across India and caters to sectors such as e-commerce, pharmaceuticals, fast-moving consumer goods, retail, manufacturing and electronics. The company also claims to be delivering more than 1.5 million packages every day to over 20,000 pin codes.
Xpressbees started as the logistics arm of baby products retailer FirstCry about 10 years ago. The business was spun out from FirstCry and the platform commenced independent operations in September 2015.
Xpressbees’ total expenses jumped 80% in FY22 to ₹1,957 crore from ₹1,088 crore in the previous year. The Pune-based company spent ₹185.7 crore towards employee expenses in FY22, 56% more than FY21’s ₹119 crore.
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