Alibaba invests Rs 70 crore in XpressBees

E-commerce behemoth Alibaba is reportedly investing $10 million( about 71 crore) in e-commerce logistics firm XpressBees, filings made by the company to the Ministry of Corporate Affairs revealed.

The filings sourced from business intelligence platform paper.vc state that Alibaba is picking up 9,317 Compulsorily convertible non participating preference share for about $ 1,073 per share.

According to paper.vc, this investment appears to be an extension of the Series D round raised by XpressBees in 2017. Alibaba had invested $35 million in that round via Alibaba.com Singapore E-Commerce Private Limited.

Xpressbees started out as the logistics arm of First Cry. It had become an independent venture in 2015. The company has reported about $157 million till date.