Xpressbees' Loss Widens 11% To INR 200 Cr In FY24

Logistics unicorn Xpressbees saw an uptick in its consolidated net loss in the fiscal year ended March 31, 2024 (FY24), despite a healthy growth in its top line. The startup, which began operations as the logistics arm of listed new-age tech company FirstCry, reported a 10.8% increase in its loss to INR 199.9 Cr in FY24 from INR 180.4 Cr in the previous fiscal year.

Operating revenue grew 11.8% to INR 2,831.3 Cr during the year under review from INR 2,531.5 Cr in FY23. Including other income of INR 109.1 Cr, its total revenue rose 12.9% to INR 2,940.5 Cr from INR 2,604.4 Cr in FY23.

Xpressbees was founded by Amitava Saha and Supam Maheshwari in 2012 to serve as the logistics service provider for FirstCry. It was hived off from the children-focussed ecommerce company in 2015, and has since expanded its third-party logistics offerings to include express parcel delivery, reverse logistics, B2B logistics, warehousing, and fulfillment.

As of now, the unicorn claims to handle millions of shipments daily across 19,000+ pin codes with 4,500+ fulfillment centers, 260+ hubs, and a team of more than 20,000 last mile delivery partners.

The startup has raised over $630 Mn till date from investors like Alibaba, Blackstone, Elevation Capital, Norwest Venture Partners, among others.

Xpressbees saw some changes in its top deck and also raised fresh funding over the last two years. Here’s a brief look of what the logistics unicorn was up to in FY24 and FY25:

• In April 2025, the startup onboarded Uday R Sharma as the chief business officer for B2B, 3PL, and cross border business. Sharma has about 30 years of experience in the logistics sector, having previously worked for companies like Allcargo Logistics, Spoton Logistics, Safexpress, among others.
• In June 2024, XpressBees said it was planning to enter the quick commerce arena. Back then, the startup said that it had initiated discussions with several key players in the quick commerce ecosystem to evaluate potential partnerships. However, it is yet to be discerned if something came off those discussions.
• In FY24, Xpressbees netted fresh capital on two separate acquisitions. After raising $40 Mn from Malaysia-based fund Khazanah, it netted $80 Mn from Teachers’ Venture Growth.
• In August 2023, Xpressbees acquired New Delhi-based courier firm Trackon in an all-cash transaction to enter the SME courier space.

Zooming Into Xpressbees’ Expenses

The logistics unicorn’s expenses zoomed 12.9% to INR 3,142.9 Cr in FY24 from INR 2,784.8 Cr in the previous fiscal year.

Here’s a breakdown of its costs:

Logistics Costs: The spending under this head, which comprises onboarding fees, receiving and storage charges, pick-and-pack fees, packaging materials, among others, was Xpressbees’ biggest expense. It surged 12.1% to INR 1,816.3 Cr in FY24 from INR 1,620.4 Cr in the previous financial year.

Employee Benefit Expenses: Employee costs, which include salaries, provident fund, gratuity, among others, rose 9.9% to INR 354.9 Cr from INR 322.9 Cr in FY23. However, employee benefit expenses accounted for a mere 11.3% of the overall expenses in FY24.

Shipping Expenses: The startup spent INR 494.4 Cr on transportation and shipping costs in the reported year, an increase of 5.9% from INR 466.9 Cr in FY23.

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