Xpressbees, an India-based third-party logistics provider, has raised US$300 million in a series F funding round led by private equity funds Blackstone Growth, TPG Growth, and ChrysCapital.
Amitava Saha, founder and CEO of Xpressbees / Photo credit: Xpressbees
The latest investment pushes the company’s valuation to US$1.2 billion, a person with direct knowledge of the matter told Tech in Asia.
Founded in 2015, Xpressbees currently operates across 3,000 cities in India and delivers over 1.5 million packages per day. It also has more than 100 hubs across the country, a warehouse capacity of over a million square feet, and operates across 52 airports nationwide. Some of its customers include Flipkart, Meesho, General Electric, and Snapdeal.
On top of investing in product development and ramping up its hiring efforts, Xpressbees will also use the fresh funds to transition into a full-service logistics company and support businesses in their growth phase.
Avendus Capital acted as the exclusive financial advisor to Xpressbees in this transaction.
Other investors in the round include:
- Investcorp
- Norwest Venture Partners
See also: A list of India’s unicorns and their early investors (Updated)
Editing by Deepti Sri and Jaclyn Tiu
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