Busybees Logistics Solutions, which operates under ‘Xpressbees’ brand and was incubated by the founding team of FirstCry.com, has raised a $12.5 million in Series A round led by existing investors — SAIF Partners, IDG Ventures, Vertex Ventures and New Enterprise Associates.
Xpressbees, which started operations as an independent company in September 2015, has expanded rapidly offering same day delivery and next day delivery in 100 cities across the country.
Amitava Saha, founder & CEO of Xpressbees, said they plan to use the funds to primarily invest in strengthening their technology and processes further raising the bar in service levels.
Xpressbees has rapidly expanded in the last couple of months and has become a leading player in the ecommerce logistics market and today we operate the largest same day delivery and next day delivery network in the country covering around 100 cities along with offering like Try & Buy in the fashion category, Saha said.
Xpressbees was founded by successful serial entrepreneurs Supam Maheshwari and Saha, who had previously built and sold Brainvisa Technologies and then started FirstCry, a baby products retailer with omni channel presence with four rounds of funding.
Ravi Adsumalli, managing partner of SAIF Partners, said the company was on track to become one of the leading players in ecommerce logistics space in India while Sudhir Sethi, founder chairman of IDG Ventures India, said they had achieved the current scale with a very low cash burn.
“Their sharp focus on execution and leveraging technology would result in Xpressbees enjoying a disproportionate share of the overall market, and create a valuable business in the long run,” said Tarun Sharma, MD, New Enterprise Associates (India).
The FirstCry brand is owned by Brainbees, promoted by Maheshwari and Saha, and has raised close to $70 million in multiple rounds from SAIF Partners, Vertex Ventures, IDG Ventures, NEA and Valiant Capital. Ratan Tata has invested in FirstCry in his personal capacity.