Logistics Unicorn Xpressbees’ FY23 Loss Surges Over 500%

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 FY23, an increase of 566% from INR 27.1 Cr in FY22. The unicorn’s EBITDA margin deteriorated to -1.7% in FY23 from 2.3% in FY22.