End-to-end logistics platform, Xpressbees has raised $80 million from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan. This marks Ontario Teachers’ first investment in India from the TVG platform.
With the latest fundraise, TVG joins Blackstone, TPG, ChrysCapital, Alibaba and others who have backed Xpressbees
This investment will be used to help drive further growth for Xpressbees and support the company’s strong management team with their future ambitions, the company said in a statement.
Xpressbees also competes with larger players like Delhivery through B2C Express, B2B Express, third-party logistics (3PL), cross-border operations, shipping aggregator and SME courier services.
The company today is present across over 5,000 cities and towns, and serves 20,000 pin codes. It delivers over 1.5 million packages per day and has over 100 hubs across India, more than 3 million sq ft of warehouse capacity and operates across 52 airports in the country.
Additionally, through its subsidiary NimbusPost, Xpressbees is providing a SaaS-based shipping aggregation platform for SME and D2C brands. NimbusPost is the second-largest shipping aggregator platform.
“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,” said Amitava Saha, Founder and CEO Xpressbees
Founded in 2015, Xpressbees was the logistics arm of Firstcry but later spun off as a separate unit. Since then, it has raised over $600 million in capital and is valued at $1.4 billion.