Funding News

XpressBees Secures $110 Mn; Senior employees vest ESOPs worth Rs 33 Lakh

E-commerce focused logistic startup XpressBees has raised $110 Mn in series E round. Investcrop, Northwest Venture Partners and Gaja Capital has led this funding round.

Image Source: Pixabay

Earlier this year the Pune based logistic startup had raised $10 Mn from existing investor and e-commerce giant Alibaba.

The company has said that it will utilize the latest capital infusion for automating its hubs and sort centers. It will also use the funds for enhancing the footprints across several parts of the country.

As per regulatory filings accessed by Techpluto, XpressBees has also recently secured INR 1.48 CR from XpressBees Welfare Trust. The company has allotted 8,300 Class A equity shares at a premium rate of Rs 1,784 per share. These shares don’t carry any voting rights.

XpressBees competes with well-funded startups like Delhivery, Ecom Express and Flipkart owned Shadowfax.

According to media reports, Delhivery and Ecom Express are planning to raise massive funding round pretty soon.

XpressBees Senior Employees vest ESOPs worth Rs 33 lakh

According to regulatory filings, XpressBees has allotted total 724 equity shares under its 2015 ESOP plan to several of its senior employees.

The largest beneficiary of share allotment under 2015 ESOP is Harshal A Bhoi, who works as a  Chief Business Officer at the company. He has been allotted total 250 ESOPs at a premium rate of Rs 5005 per security.

The company has also passed a resolution for extending the vesting period by another 2 years for several employees who have recently resigned from the company.

In the aftermath of economic uncertainty due to pandemic, more and more startups are now relying on ESOPS to retain talent. Unacademy recently announced the share buyback of Rs 30 Cr. Another edutech unicorn Byju’s too recently expanded its ESOP pool.

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