Saturday, July 13, 2024

Xpressbees raises $40 million from Khazanah Nasional Berhad

Mumbai: Third-party logistics provider Xpressbees has raised $40 million from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. This investment will be made through a secondary purchase from an early investor in the company, Xpressbees said in a release.

Xpressbees counts investors such as Blackstone Growth, TPG Growth, ChrysCapital, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital among its existing set of investors.

According to two people with knowledge of the deal, Elevation Capital has sold 4% stake in the company to Khazanah, valuing the new-age logistics provider at $1.2 billion pre-money.

“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,” said Amitava Saha, Founder & CEO Xpressbees.

This is the second time Elevation Capital has taken money off the table in Expressbees. Last year in August, Avendus Future Leaders Fund had purchased a stake in Xpressbees from Elevation Capital for 195 crore. Before that in February 2022, the company had raised $300 million in primary capital in a round led by private equity funds Blackstone Growth, TPG Growth and ChrysCapital, valuing it at $1.1 billion.

Founded in 2012 by serial entrepreneurs Amitava Saha and Supam Maheshwari, Xpressbees is an e-commerce focused end-to-end supply chain solutions provider. In addition to the e-commerce (B2C) division, Xpressbees has now added new lines of businesses such as 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, the release said.

According to the release, 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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