Alibaba backs logistics startup XpressBees again, plans to invest $10 mn

Chinese e-commerce giant Alibaba is investing $10 million in Pune-based logistics startup XpressBees as revealed by the filings made by the company. This investment “appears to be an extension” of the Series D round raised by XpressBees in 2017, according to business signals platform Paper.vc, which obtained the company’s latest regulatory filings. Alibaba had invested $35 million in that round via ‘Alibaba.com Singapore E-Commerce Private Limited.’

XpressBees is allotting 9,317 Series D1 compulsorily convertible preference shares at a price equivalent to $1,073.306 each, to Alibaba, according to Paper.vc. The decision for this investment was taken in an extraordinary general meeting of the members of the Busybees Logistics Solutions Pvt Ltd (XpressBees) on December 16, 2019, at the company’s registered office in Pune.