Miguel Cordon · · 1 min readQoo10 logistics subsidiary bags $50m in a round led by Crescendo Equity
Global logistics service provider Qxpress, a subsidiary of pan-Asian ecommerce platform Qoo10, bagged US$50 million in a round led by private equity investment firm Crescendo Equity Partners.
Photo credit: Qxpress
The funding will enable Qxpress to improve the reliability and security of its platform as well as extend the reach of its logistics network. It will also help the Singapore-based company to offer competitive prices for its cross-border delivery services. It claims to complete 97.5% of cross-border deliveries to Singapore within four to five days.
Qxpress, which currently serves Singapore, Malaysia, Indonesia, Korea, Japan, China, and the US, said it plans to expand into more countries in Southeast Asia, including Taiwan and Hong Kong.
It is also working to extend the range of its warehousing and fulfillment services, which currently includes storage and inventory management. The company said these services, which are available in Singapore and Japan, will be rolled out to other markets soon.
Editing by Charmaine de Lazo
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