Indian logistics unicorn bags $40m from Malaysian gov’t

Photo credit: Xpressbees

Xpressbees, one of the fastest-growing logistics companies in India, has secured US$40 million in a new funding round from Khazanah Nasional Berhad, which is the sovereign wealth fund of Malaysia.

This investment will be made through a secondary purchase from an early investor in the company, according to a statement.

Funding details

• Funding amount: US$40,000,000
• Investors: Khazanah Nasional Berhad
• Stage: Strategic investment
• Valuation: US$1,200,000,000

Founded in 2015, Xpressbees currently operates across 5,000 cities in India and delivers over two million packages per day. The company said it has continued expanding operations in various segments, including express delivery, B2B express, warehousing, and cross-border logistics.

Prior to this round, the company raised over US$560 million in disclosed funding. According to Tech in Asia data, Xpressbees hit unicorn status with a valuation of US$1.2 billion in February 2022.

See also: Malaysia’s government shouldn’t directly invest in startups, says insider

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