Pune-headquartered Xpressbees, a logistics startup which turned unicorn earlier this year, is in talks to acquire Gurugram-based logistics aggregator platform Nimbuspost, according to a source familiar with the matter.
While Xpressbees currently holds over 50% stake in the startup, it seems the logistics unicorn wants to acquire 100% ownership in Nimbuspost. In February 2021, Nimbuspost had raised $1.5 million in a seed round from Xpressbees. Queries sent to Xpressbees and Nimbuspost did not elicit an immediate response.
Earlier this month, Avendus Future Leaders Fund acquired a stake in Xpressbees from existing investor Elevation Capital via a secondary transaction for Rs 195 crore ($24.6 million).
Nimbuspost, which directly competes with Shiprocket, was started in 2018 as a logistics aggregator software platform to make shipping easier for businesses by automating their shipping process. The startup help MSMEs and large enterprises streamline their end-to-end logistics operations through shipping, warehousing, and fulfillment solutions.
For instance, whenever a seller receives an online order, the platform automatically fetches the order details to suggest appropriate courier partners to sellers based on the recommendations of its courier recommendation engine.
The platform also offers a route planning system that helps delivery partners find the most efficient route for delivery by giving insights into traffic congestion, driver proximity, road conditions, and ETA.
Founded by Yash Jain and Rajeev Pratap, Nimbuspost has partnered with 27 courier partners across the country, including Blue Dart, Delhivery, Xpressbees, DTDC, and Shadowfax. According to their website, their notable clients are Meena Bazaar, Khadi Global, Shopclues, and Sleepyowl, among others.
Talking about its financials, The company reported a 139% increase in its revenue in FY22 to Rs 55 crore from Rs 23 crore in FY21. Currently, It serves over 60,000 clients, including SMEs, large enterprises, and D2C firms.
Nimbuspost currently has offices in Bhilai, Noida, Ahmedabad, Pune, and Bengaluru. Apart from Indonesia, The logistics startup aims to expand its presence into international markets such as the US, Australia, Singapore, and Southeast Asia.