Xpressbees raises $40M from Khazanah Nasional to expand logistics services
- ByStartupStory | April 28, 2023
Logistics provider Xpressbees has announced that it raised $40 million in a secondary purchase from an early investor in the company. The investment was made by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, and brings Xpressbees’ total funding to $250 million. The Pune-based startup, backed by investors such as Blackstone Growth, TPG Growth, and Alibaba Group, plans to leverage the investment to become a dominant end-to-end logistics player and expand its presence across India.
Xpressbees currently serves over 20,000 pin codes in 5,000 cities across India. The company has over 100 hubs and more than three million sq. ft. of warehouse capacity. It operates across 52 airports in India, providing logistics services for e-commerce players such as Amazon, Flipkart, and Myntra.
“We believe Xpressbees is well-poised to build one of the largest tech-led businesses as they ride on the massive ecommerce market opportunity,” said Karan Sharma, MD & Co-Head, Digital and Technology Investment Banking, Avendus Capital, the exclusive financial advisor on the transaction.
Amitava Saha, Founder and CEO of Xpressbees, stated that Khazanah’s disciplined long-term investment approach makes the Malaysian sovereign wealth fund a perfect partner for the company’s journey towards becoming a dominant player in India’s logistics industry.
With this investment, Xpressbees plans to strengthen its technological capabilities and expand its operations across India. The logistics provider is well-positioned to capitalize on the massive e-commerce market opportunity in India, which is expected to reach $200 billion by 2026, according to a report by Morgan Stanley.
Xpressbees’ recent funding round demonstrates the growing investor interest in India’s logistics industry, which has seen significant growth in recent years due to the rapid expansion of e-commerce in the country.
Calling all entrepreneurs, investors and business owners! The wait is finally over. The 2nd edition of Startup Story B2B Connect is back with a bang – and this time, we’re taking it up a notch. With more startups, more investors and bigger opportunities than ever before, this is your chance to connect, collaborate and take your business to the next level. Get ready for an unforgettable networking experience that’s set to change the game. Stay tuned for all the exciting updates! Register Now Here.
Follow Startup Story
Related Posts
