XpressBees has acquired the logistics and supply chain firm, Trackon. The deal also marks the first acquisition for the e-commerce-focused logistics startup since its inception in 2015. Last month, Entrackr exclusively reported about the development.
The acquisition will help XpressBees enter SME courier space and the firm will leverage its existing network to scale up Trackon across the country, according to an ET report. The size of the deal remained undisclosed.
The report further added that Prabhat Kumar Anand, founder and CMD of Trackon, will continue to lead the business independently for at least the next two years. Other three co-founders including Pramod Kumar Singh, Dinesh Rautela and Yoginder Kumar Dabas have resigned from the company and are moving on as part of the deal.
“…By combining our experience with the capabilities of Xpressbees we will be able to expand our service lines to our existing clients, while continuing to offer best-in-class services,” said P. K. Anand, CMD and co-founder of Trackon.
Two-decade-old Trackon claims to be a Rs 350 crore revenue generating company that serves 5,600 pin codes across the country with plans to expand its services to 12,000 pin codes over the next couple of years. While the company is yet to file its annual financial report for FY23, it reported operating revenue of Rs 283 crore in FY22 and turned profitable with Rs 8.22 crore profits in books.
On the other side, XpressBees is the third largest new-age logistics and supply chain company after Ecom Express and Delhivery with nearly Rs 2,000 crore revenue as of FY22. Its F23 numbers are yet to come.
XpressBees turned unicorn after a $300 million round in February 2021 and facilitated $65 million worth secondary transactions since August 2022. Recently, a Bloomberg report suggested that Ontario Teachers’ Pension Plan Board is planning to pump $100 million investment into the Amitava Saha-led company.
