Xpressbees raises $80mn from Teachers’ Venture Growth
TVG joins investors including Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhad and Alibaba Group
Xpressbees, one of India’s market-leading and fastest growing third-party end-to-end logistics platforms, announced an investment of $80 million by Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the C$249 billion Ontario Teachers’ Pension Plan.
The investment will help drive further growth for the Xpressbees platform and support the company’s management team with their future plans. This marks Ontario Teachers’ first investment in India from the TVG platform.
TVG joins a set of investors in Xpressbees including Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhad, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital.
Xpressbees entered the unicorn club after it raised $300 million in a Series F funding round led by Blackstone Growth, TPG Growth and ChrysCapital in February 2022.
Amitava Saha, Co-Founder & CEO, Xpressbees says: “We believe the logistics sector is at the cusp of technological disruption and this is the right time to expand service offerings to address the growing needs of businesses and consumers. We are elated to partner with the TVG team who bring rich experience and a vast global network which will help as we scale our end-to-end platform to cater to the next level.”
Deepak Dara, Senior Managing Director and Head of India, Ontario Teachers’ adds: “We are excited about the market opportunity for end-to-end logistics and supply chain solutions that can meet the needs of a diversified customer base across industries, including e-commerce in India. Led by a strong team, Xpressbees has established a highly scalable and efficient asset-light model with proven execution capabilities. We are delighted to partner with Amitava and the Xpressbees team in executing their vision to build an industry-leading business.”
Xpressbees is present across over 5,000 cities and towns, serving over 20,000 pin codes, and delivers over 1.5 million packages per day. Xpressbees now has over 100 hubs across India, more than three million sq. ft. of warehouse capacity, and operates across 52 airports in the country.
“Xpressbees aligns with our TVG thesis for Asia of partnering with exceptional management teams looking to leverage technology to accelerate growth in an attractive end market that has a long runway for innovation and development," says Kelvin Yu, Senior Managing Director, Teachers’ Venture Growth. "India is a critical market for our TVG Asia strategy where we look to lead or co-lead rounds, and Xpressbees is a culmination of one such proprietary opportunity. We are excited to partner with Amitava and leverage our global network and playbook to drive long-term value creation for the business.”
Xpressbees, through its subsidiary NimbusPost, is providing a SaaS-based shipping aggregation platform for SME & D2C brands.Xpressbees reported a net loss of Rs 180.4 crore in FY23 compared to Rs 27.1 crore in FY22, inc24.com reported. Revenue increased 33 percent to Rs 2,531 crore.