Investcorp backs India’s logistics start-up Xpressbees
23 November, 2020
Bahrain-outlined Investcorp acquired a stake on Xpressbees, a logistics start-up located in India.
The choice asset manager didn't disclose the value of the deal, but its backing is part of a $110 million Series E funding round that also contains investment from Norwest Venture Partners and Gaja Capital, according to reports. A STRING E round usually precedes an enterprise going public.
“Xpressbees is, inside our view, in the strategic sweet location of the consumption change to digital and e-commerce, and the significant growth potential of the $200 billion-plus logistics industry found in India,” Varun Laul, an associate of Investcorp India's individual equity leadership team, said.
Founded in 2015 simply by entrepreneurs Amitava Saha and Supam Maheshwari, Pune-based Xpressbees includes a presence in more than 2,000 towns and urban centers in India, with an increase of than 1,000 customers across industries including e-commerce, pharmaceutical, consumer items, retail, manufacturing, electronic devices and consumer durables.
The company handles a lot more than 2 million shipments a day across Asia's third-largest economy.
“We use this expense for even more automating our hubs and sort centres, boost investments in technology also to expand our delivery footprint to covers the complete country,” Mr Saha, who is leader of Xpressbees, said.
Investcorp, which counts Mubadala Expense Company as its most important shareholder, is aiming to rise its investments on India, especially on the buyer tech, healthcare, financial offerings and technology sectors.
Other than Xpressbees, the business has committed to eight businesses on these sectors - InCred, ASG, Zolo, Citykart, Intergrow Brands, Bewakoof.com, NephroPlus and FreshToHome.
The business is targeting discounts involving “first-generation entrepreneurs scaling up businesses with asset-mild models,” it said.
E-commerce features surged globally this season after governments introduced activity restrictions to avoid the pass on of the coronavirus pandemic. India enforced a strict two-month nationwide lockdown in April and May.
Digitalisation and technology adoption are anticipated to get traction across India found in the wake of the Covid-19 pandemic, traveling expansion of the country's logistics sector in a compound gross annual rate of 7.2 per cent until 2025, relating to analyze company Frost & Sullivan.
Source: www.thenationalnews.com
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