Logistics Unicorn Xpressbees’ FY23 Loss Surges Over 500% To INR 180 Cr

Logistics unicorn Xpressbees saw its net loss widen over 6.6X in the financial year ended
March 31, 2023 due to higher cash burn. The Supam Maheswari-led startup reported a
net loss of INR 180.4 Cr in FY 23, an increase of 566% from INR 27.1 Cr in FY 22.
Xpressbees, founded in 2015 after being spun off from ecommerce giant FirstCry,
delivers goods to over 20,000 pin codes in the country. The startup entered the coveted
unicorn club in January 2022 after raising $300 Mn from Blackstone Growth, TPG Growth,
among others.