Logistics Provider Xpressbees Raises $40 Mn From Khazanah Nasional Berhad
Xpressbees, an end-to-end logistics provider, has raised a $40 million investment from Khazanah Nasional Berhad (Khazanah), the sovereign wealth fund of Malaysia.
With this investment, Khazanah joins a high-quality set of investors in the firm, including TPG Growth, ChrysCapital, Alibaba Group, Blackstone Growth, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital.
Avendus Capital was the financial advisor on this transaction.
Xpressbees | End-to-end Logistics Services
Founded by Amitava Saha, Xpressbees offers end-to-end logistics services ranging from collection and storage of goods to transportation and doorstep delivery.
The Pune-based startup is driven by a distribution network that penetrates across 5,000 cities, serving over 20,000 pin codes.
Speaking about the development, Amitava Saha, Founder and CEO of Xpressbees, said,
“There is a huge opportunity for tech-led disruption in logistics. We have established a leading brand but are still early in our growth story. We continue on our path to become a dominant end-to-end logistics player and look to leverage any strategic opportunities. Khazanah’s disciplined long-term investment approach makes the Malaysian sovereign wealth fund a perfect partner for us in this journey.”
Xpressbees provides logistics solutions across B2B, B2C, Cross-border and 3PL(Third Party Logistics) categories. It has over 100 hubs across India, more than three million sq. ft. of warehouse capacity, and operates across 52 airports in the country.
Commenting on the development, Karan Sharma, MD and Co-head, Digital and Technology Investment Banking at Avendus Capital, said,
“We are proud to partner with Xpressbees once again as they chart a phenomenal path to reinvent logistics through an India-first approach. While the market has seen strong macro headwinds, they have continued to gain market share and have demonstrated significantly superior business economics. We believe Xpressbees is well-poised to build one of the largest tech-led businesses as they ride on the massive e-commerce market opportunity.”
This year, several logistics startups have raised funds. In January, logistics startup Locad raised $11 million in a Series A funding round led by Reefknot Investments.
Last month, Pidge, a Gurugram-based logistics platform, raised pre-Series A funding of $3 million (around Rs 24.5 crore) led by Europe-based venture capital firm Mountain Partners, with participation from existing investor Indian Angel Network.
Earlier this month, Celcius Logistics, a cold chain marketplace startup, closed its Series A funding round by raising a total amount of Rs 100 crore, led by IvyCap Ventures.
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