The startup managed to narrow its net loss as the rise in its operating revenue outpaced the increase in its expenses
While operating revenue grew to INR 1,004.8 Cr, total expenses rose 24% to INR 1085.4 Cr
This was the second consecutive year when the startup reported a decline in its loss
Logistics startup Xpressbees’ net loss declined 36.2% to INR 65.5 Cr in the financial year 2020-21 (FY21) helped by a rise in its revenue.
This was the second consecutive year when the startup reported a decline in its loss. In FY19, its net loss stood at INR 119.7 Cr, which dropped to INR 102.7 Cr in FY20.
Regulatory filings by the startup’s parent company, Busybees Logistics Solutions, showed that Xpressbees operating revenue grew 32.6% year-on-year (YoY) to INR 1,004.8 Cr in FY21. Its total revenue rose to INR 1,019.8 Cr in FY21 from INR 762.2 Cr in the previous fiscal year.
In FY19, its total revenue stood at INR 553.4 Cr.
It is pertinent to note that the startup managed to narrow its losses in FY21 despite a rise in its total expenditure during the year. Xpressbees’ total expenses increased 24% YoY to INR 1085.4 Cr.
Transportation costs, the biggest contributor to the total expenses, rose to INR 810.7 in FY21 from INR 651.7 in FY20.
Xpressbees also spent INR 53.5 Cr in rents during the year as against INR 45.3 Cr in the previous fiscal. Its legal professional charges grew 8X in FY21 to INR 16 Cr.
Other expenses increased to about INR 949 Cr in FY21 from INR 749.3 Cr, while total employee benefit expenses saw a 13% rise to INR 119.7 Cr in FY21.
Amitava Saha and Supam Maheshwari founded Xpressbees in 2015 after it was spun off from their baby products retail brand FirstCry. Xpressbees’ logistics services include last-mile deliveries, payment collection, reverse logistics, drop shipping, vendor management, and cross-border services, among others.
The startup is currently present across 3,000 cities, serving over 20,000 pin codes, and delivers over 1.5 Mn packages per day.
It entered the unicorn club in February this year after raising $300 Mn in its Series F funding round led by Blackstone Growth, TPG Growth and ChrysCapital.
In November 2020, it had raised $110 Mn in its Series E funding round led by private equity firms such as Investcorp, Norwest Venture Partners and Gaja Capital.
