Xpressbees, the logistics subsidiary of India-based babycare product retailer FirstCry, has raised $8m in series A capital, the Times of India reported yesterday.
The funding came from Vertex Venture Holdings, the venture capital arm of Singapore’s sovereign wealth fund Temasek, and private equity firm SAIF Partners, both of which also shareholders in FirstCry.
Xpressbees originally launched as FirstCry’s dedicated logistics unit but has since expanded to offer its service to third-party e-commerce companies such as online marketplace Snapdeal.
The funding round follows news that FirstCry had secured an investment of undisclosed size from Ratan Tata, chairman emeritus of industrial conglomerate Tata Group, late last month.
Brainbees Solutions, FirstCry’s parent company, has raised more than $69m to date. It closed a $36m series D round in April 2015 co-led by venture capital firms Valiant Capital and New Enterprise Associates.
The series D round also featured IDG Ventures India, the local corporate venturing affiliate of media company International Data Group (IDG), as well as Vertex and SAIF Partners. IDG previously contributed to FirstCry’s $15m series C round in 2014 and a $14m series B in 2012.