Chinese e-commerce giant Alibaba plans to invest $10 million in Pune based e-commerce logistics startup XpressBees as revealed by the regulatory filling.
Founded by Amitava Saha and Supam Maheshwari in 2015, Xpressbees offers logistics services such as first mile, last-mile delivery, reverse logistics services with real-time tracking, payment collection, drop shipping, vendor management, cross-border services, fulfilment services and tailored software solutions.
XpressBees is allotting 9,317 Series D1 compulsorily convertible preference shares at a price equivalent to $1,073.306 each to Alibaba. Investment decision was taken in an extraordinary general meeting of the members of the Busybees Logistics Solutions Pvt Ltd (XpressBees) on December 16, 2019.
Earlier in February, XpressBees had raised Rs 35 crore in debt funding from InnoVen Capital. Alibaba was looking to invest up to $100 million in XpressBees, per the previous media reports. Paytm as well as venture capital funds such as SAIF Partners and Chiratae Ventures are among the investors in the logistics startup.