8 February, 2016, Bangalore: , an ecommerce logistics company of FirstCry has managed to raise funding of US $8 million. SAIF Partners and Vertex Ventures have realised the potential of the firm and invested the aforementioned amount in it.
In its recent report, FirstCry has managed to pull one the business tycoons of the country, Ratan Tata as its investor. With this development, company is looking very positive to expand the business of its logistics arm, Xpressbees. However, both the investors, SAIF Partners and Vertex Ventures have also invested in FirstCry.
An official told to media, “Logistics is still a problem that most e-commerce players are struggling with and everyone is trying to build their own fleet. Xpressbees which started as a logistics support provider for FirstCry is now cashing in on the growing investor interest around this space. It has other e-commerce players as its partners including Snapdeal.”
However, CEO of Xpressbees, Amitava Saha didn’t respond to the phone calls and on the other hand, investors SAIF Partners and Vertex Ventures also walked on the CEO’s path and maintained silence on the development.