As online shopping booms in the world’s second largest internet market, an Indian logistics firm, Xpressbees, has raised USD 110 million in a new financing round. Xpressbees, which concluded its Series D round three years ago, has raised $175.8 million to date, according to research firm Tracxn. It is said that the new round valued the startup at more than USD 350 million.

Xpressbees said that the financing round was led by  private equity firms Investcorp, Norwest Venture Partners  and Gaja Capital. According to research firm Tracxn, Xpressbees, which concluded its Series D round three years ago, has raised $175.8 million to date. 

“We have been truly impressed by their strong customer centricity and capital efficiency which has resulted in exceptional feedback from top players in the e-commerce sector!” said Niren Shah, managing director and head of Norwest Venture Partners in India.

“I am delighted to see the impact we are making in the logistics ecosystem in the country. We continue to believe that new age technology led logistics players such as Xpressbees will continue to play a pivotal role both in the growth of the e-commerce sector in India,” he added.

Including SoftBank-backed Delivery, Xpressbees competes with a handful of established firms and startups.