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India's XpressBees secures $10M funding from Alibaba

Indian logistics startup XpressBees secured a 7.12 billion Indian rupees, or $10 million, funding from existing investor Alibaba Group Holding Ltd., the Economic Times (India) reported Jan. 3, citing regulatory documents.

XpressBees, which is operated by Busybees Logistics Solutions Pvt Ltd., is an e-commerce-centered logistics services provider that offers services such as real-time tracking, payment collection, processing options and handling of returns.

According to the newspaper, the company issued 9,317 series D1 compulsory convertible preference shares with a face value of 10 rupees each and at a premium of 76,409 rupees to Singapore E-commerce Pvt. Ltd.

Alibaba had previously invested 2.24 billion rupees in December 2017, the report said.

As of Jan. 3, US$1 was equivalent to 71.87 Indian rupees.