E-commerce-focused logistics company Xpressbees has raised $80 million in its Series G round from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the $249 billion worth Ontario Teachers’ Pension Plan.
This investment will be used to help drive further growth for the Xpressbees platform and support the company’s management team with their future ambitions, the company said in a press release.
This marks Ontario Teachers’ first investment in India from the TVG platform. TVG joins notable investors in the company including Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhard, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital.
Avendus Capital was the exclusive financial advisor on this transaction.
The fundraise comes three months after the acquisition of logistics and supply chain firm Trackon by XpressBees. The deal also marked the first acquisition for the e-commerce-focused logistics startup since its inception in 2015. Entrackr had exclusively reported about this deal in July.
XpressBees provides supply chain solutions including B2B/B2C express delivery service, cross-border logistics, and warehousing services to e-commerce, pharma, heavy industries and banking institutions. Through its subsidiary NimbusPost, Xpressbees provides SaaS SaaS-based shipping aggregation platform for SME & D2C brands. Currently, it has more than 6,000 clients and ships through 27 courier partners.
XpressBees turned unicorn after a $300 million round in February 2021 and facilitated $65 million worth secondary transactions since August 2022. The firm also saw two secondary transactions after its entry into the unicorn club. In April this year, Khazanah Nasional Berhad invested $40 million through a secondary purchase from its early investor Elevation Capital. In August 2022, Elevation sold $25 million worth stake in the company to Avendus Future Leaders Fund.
XpressBees operating revenue jumped 33% to Rs 2,531.5 crore in FY23 from 1,904 crore in FY22. The company reported a net loss of Rs 180.4 in the last fiscal year.