Qxpress, the Singapore-based logistics subsidiary of e-commerce platform Qoo10, has secured $50m in funding from investment firm Crescendo Equity Partners, Vulcan Post reported yesterday.
Founded in 2011, Qxpress fulfils international logistics functions for Qoo10’s products, covering warehousing, storage, warehouse and inventory management, ordering, product packaging and deliveries.
The company currently operates 11 delivery centres across Singapore, Malaysia, Indonesia, Korea, Japan, China and the US, but will use a portion of the capital to expand the service to several East Asian markets, such as Taiwan and Hong Kong.
Qxpress will also use some of the capital to grow its warehousing and fulfilment services, which are only now available in Singapore and Japan at present.
Qoo10 was established as a joint venture between eBay and Ku Young Bae, the founder of Korea-based online marketplace Gmarket, which was bought by eBay for $1.2bn in 2009. Its platform allows users to buy and sell goods such as clothing, cosmetics, beauty and skin care products.
The company launched with $20m in seed funding from eBay and Bae, before media group Singapore Press Holdings led an $82.1m series A round in 2015 that included eBay, Oak Investment Partners, Saban Capital Group, Brookside Capital and UVM 2 Venture Investments.