A logistics unicorn Xpressbees has owned a courier firm TrackOn, which is based in New Delhi. With this deal, they enter the SME (small-medium-sized enterprises) courier space and it also marked its first acquisition. The deal details were not disclosed yet. Xpressbees, a company established in Pune, offers complete supply chain solutions and currently manages delivery services for the country’s 21,000 pin codes and about 3000 cities and towns. According to the founder of Xpressbess, this alliance of two powerful companies will allow them to create considerable synergies between their respective markets and improve the consumer experience.
With this deal, Xpressbess enter the SME (small-medium-sized enterprises) courier space
TrackOn has been established in 2022. With 200,000 shipments every day to 5000 pin codes, it offers delivery services in India and throughout the world. Revenues during the fiscal year for TrackOn were Rs 283 crore, and profits were Rs 8.22 crore. In an earlier interaction, Xpressbees stated that the business is on course to emerge as the country’s top end-to-end logistics provider. The company’s objective is to use a franchise model that is asset-light and to use technology across all of its operations in order to lead the Indian logistics market.
Blackstone, ChrysCapital, and TPG contributed $300 million to Xpressbees in February 2023, allowing it to reach unicorn status with a valuation of about $1.2 billion. In 2022, Xpressbees received a secondary investment of Rs 195 crore from the Avendus Future Leaders Fund
The company’s objective is to use a franchise model that is asset-light and to use technology across all of its operations
The first series of the Avendus Funds made investments in Delhivery as well as other businesses. Through a secondary acquisition, Xpressbees acquired $40 million from Malaysia’s Khazanah Nasional Berhad in April of this year. At a $1.4 billion valuation, Khazanah purchased a 2.9% stake in Xpressbees from Elevation Capital. Xpressbees has a network of 100 hubs covering 3 million square feet in India and delivering over 2 million goods per day. Xpressbees reported revenue of Rs 1850 for the fiscal year 2022, and a revenue increase of 60–70% is predicted for the following year, fiscal year 2023.
