Indian logistics firm Xpressbees becomes unicorn with $300 million fresh funding
*This article was originally published on *Techcrunch.
One of Vertex Ventures Southeast Asia portfolio, Xpressbees, an Indian logistics startup that works with several e-commerce firms in the country, has more than tripled its valuation to $1.2 billion in a new financing round.
[This is Vertex Ventures SEA and India’s 6th unicorn.]
The Pune-headquartered startup said on Wednesday it has raised $300 million — $100 million in primary and $200 million in secondary (to give partial exit to Alibaba and full exit to one unspecified Chinese investor) — in a Series F funding from Blackstone, TPG and ChrysCapital. The new funding takes the startup’s all-time raise to $575.8 million.
Xpressbees is the second Pune-headquartered startup to become a unicorn this week. Commerce startup ElasticRun disclosed in a filing on Monday that it had raised funds at a valuation of $1.5 billion.
Xpressbees helps more than 1,000 customers — including financial and e-commerce services giant Paytm, social commerce startup Meesho, eyewear seller Lenskart, phone maker Xiaomi, online pharmacy NetMeds and online marketplace Snapdeal — deliver their products across the country. It has presence in over 3,000 cities and towns and it processes more than 3 million orders a day.
The story continues on Techcrunch.
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