Crescendo-backed Qxpress generates record revenue Significant growth in revenue attributable to logistics firm’s expanded customer base

Translated by Ryu Ho-joung 공개 2021-04-12 08:20:08

이 기사는 2021년 04월 12일 08:17 더벨 유료페이지에 표출된 기사입니다.

Qxpress, which is backed by Crescendo Equity Partners, generated record revenue last year as the logistics company expanded its customer base to include global ecommerce giants.

The company’s revenue rose to 149.4 billion won ($133.7 million) in 2020, up 92% from a year earlier, and its parcel delivery volume more than doubled to 32.8 million boxes in the same period.

The surge in performance is largely attributable to the company’s expanded customer base. Since it was launched by Qoo10 founder Ku Young-bae in 2011, Qxpress had fulfilled orders from the Singapore-based ecommerce platform, but two years ago, it started to provide third-party logistics services to other businesses.

It counts Amazon, eBay and Coupang among its customers, with operations in South Korea, Singapore, Japan, the U.S, China and Indonesia.

Qxpress offers comprehensive logistics services from storage to packaging, delivery and inventory management. It is the only company in South Korea that provides fully automated logistics solutions, which help enhance warehouse efficiency and delivery accuracy while reducing costs.

Crescendo acquired 21.2% of the logistics company for 60 billion won in 2019. Last year, it also bought automation software startup Soft Motions & Robotics, whose motion control solutions are expected to be used to further upgrade Qxpress’s automated warehousing and delivery systems.

Backed by venture capitalist Peter Thiel, Crescendo was established in 2012 and is led by founding partner Kevin Lee. It targets mid-market companies with a focus on growth investments. The firm is raising a new fund with a target of 500 billion won. (Reporting by Si-eun Park)
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