Three private equity funds Investcorp, Norwest Venture Partners and Gaja Capital together invested about Rs 800 crore ($110 million) to acquire about 31% stake in Xpressbees, the ecommerce focused end-to-end supply chain solutions provider. Other major investors in Xpressbees include Alibaba and SAIF Partners. Out of the $110 million, about $80 million will be the primary funding into the company, for further expansion into new areas. With the funding, Xpressbees is in the process of foraying into Express Cargo, 3PL and Cross Border Logistics. We will use this investment for further automating our hubs and sort centres, increased investments in technology and to expand our delivery footprint to cover the entire country,” said Amitava Saha, CEO, Xpressbees.
(Economic Times)