NEW DELHI: B2B logistics service provider Xpressbees saw its net loss surging to over six times in FY23, owing to higher cash burn.

The Supam Maheswari-led startup reported a net loss of Rs 180.4 crore in FY23, an increase of 566 per cent from Rs 27.1 crore in FY22, reports Startupnews.

The operating revenue for FY23 grew 33 per cent to Rs 2,531.5 crore, from Rs 1,904.4 crore in FY22.

Initially, Xpressbees was the logistics arm of ecommerce firm FirstCry, but the former was spun out as a separate entity in 2015 under Busybees Logistics Solutions.

Earlier this week, Xpressbees raised $80 million from Teachers’ Venture Growth (TVG), the investment arm of Ontario Teachers’ Pension Plan.

The Canadian pension fund acquired a stake in the Pune-headquartered startup at about $1.4 billion valuation, according to reports.

This investment will be used to help drive further growth for the Xpressbees platform and support the company’s management team with their future ambitions, the company said in a statement.

Xpressbees turned unicorn after a $300 million round in February 2021. The logistics platform provides supply chain solutions including B2B/B2C express delivery service, cross-border logistics, and warehousing services to e-commerce, pharma, heavy industries, and banking institutions.