China’s Alibaba To Invest US$100Mn In Logistics Startup XpressBees
China’s e-Commerce giant Alibaba is in advanced talks to invest up to $100 million in Pune based logistics startup XpressBees. The e-commerce giant will take a minority stake in XpressBees reported ET.
According to the report, the deal is likely to close in the next two-three weeks making it sixth investment of Alibaba in the Indian Market.
E-commerce logistics company XpressBees was founded by Amitava Saha and Supam Maheshwari in 2015. It offers reliable logistics services and solutions & on-time delivery through its extensive network across India.
XpressBees is the logistics business spun out of baby and maternity products retailer FirstCry, known for its acquisition of Mahindra’s Babyoye in 2016.
XpressBees claims to deliver over 60,000 shipments every day. The company offers last mile delivery, reverse logistics, payment collection, drop shipping, vendor management. cross border services, fulfillment services and tailored software solutions. Delhivery and Ecom Express are its nearest competitors.