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Xpressbees, a third-party logistics provider, has raised a $40 million investment from Khazanah Nasional Berhad (“Khazanah”), the sovereign wealth fund of Malaysia through a secondary share sale.
According to reports, Elevation Capital has sold some of its shareholding in Xpressbees to Khazanah. Other existing investors in the company including Blackstone Growth, TPG Growth, ChrysCapital, Alibaba Group, Investcorp, Norwest Venture Partners and Gaja Capital.
Speaking on the transaction, Amitava Saha, Founder & CEO 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.”
Karan Sharma, MD & Co-Head, Digital and Technology Investment Banking, 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.”
Xpressbees is an end-to-end logistics company in India. In addition to the e-commerce (B2C) division, Xpressbees’ vision to evolve into a full-service logistics organization is reflected in new lines of businesses like B2B Express, Warehousing and Cross-border operations. The company today is present across 5,000 cities, serving over 20,000 pin codes, and delivers over 2 million packages per day. Xpressbees now has over 100 hubs across India, more than 3 million sq. ft. of warehouse capacity, and operates across 52 airports in the country.
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