Alibaba to infuse $10M in logistics startup XpressBees

XpressBees is now set to secure $10 million from its existing investor, Alibaba, in its Series D round. The Chinese conglomerate invested around INR 225 crore in XpressBees in the year 2018.

XpressBees will be using the additional funds for growth and expansion of its business. According to the report, XpressBees has revolved to secure the capital by issuing compulsory convertible cumulative preference shares or the Subscription shares.

XpressBees offers logistics services to companies, including the Flipkart, Paytm, Reliance, and SNapdeal. It provides with the reverse logistics, real time tracking, and multiple payment collection options.