China/India, 1st January: Alibaba Group, the leading e-commerce company in China and indefatigable investor, will invest up to US$100 million in XpressBees, an Indian logistics company. The exact size of Alibaba’s stake has not been disclosed.
XpressBees is a logistics business spun out of FirstCry, a baby and maternity products retailer. FirstCry entered the logistics segment in 2012 and was spun off as Busybees in September 2015.
In the FY2017, the company’s revenues increased by over 120% - reaching US$29 million. However, it posted a loss of US$9.1 million which grew by 61%. XpressBees claims to currently ship up to 200,000 packages per day.
Source: Economic Times article