Chinese eCommerce giant Alibaba has invested ₹70 crores in Pune-based logistics startup Xpressbees. Regulatory filings showed that Xpressbees is issuing 9,317 Series D preference shares at a price of $1073.30 per share. The startup was founded as the logistics arm of baby products retailer FirstCry and was later spun out as a separate entity in 2015.
Pune-headquartered logistics company Xpressbees on December 16 approved a board resolution to issue Series D preference shares to Alibaba. The filings with the Ministry of Corporate Affairs showed that Xpressbees is offering 9317 Series D preference shares at a price of $1073.30 per share, making this worth $10 Mn. This was first alerted by Paper.vc.
Founded in 2015 by Amitava Saha and Supam Maheshwari, Xpressbees offers logistics services such as last-mile delivery, reverse logistics, payment collection, drop shipping, vendor management, cross-border services, fulfilment services and tailored software solutions.