E-commerce-focused logistics company Xpressbees has successfully secured $80 million in its Series G funding round, with Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan, contributing to the investment. According to a press release from the company, this funding will be instrumental in driving further growth for the Xpressbees platform and supporting the company’s management team in realizing their future aspirations.
This investment marks Ontario Teachers’ first foray into the Indian market through the TVG platform. TVG now joins an impressive roster of investors in Xpressbees, which includes Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhad, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners, and Gaja Capital. Avendus Capital served as the exclusive financial advisor for this transaction.
Notably, this funding comes on the heels of XpressBees’ acquisition of logistics and supply chain firm Trackon just three months ago, marking its first acquisition since its establishment in 2015. XpressBees provides a range of supply chain solutions, encompassing B2B/B2C express delivery services, cross-border logistics, and warehousing services, catering to sectors such as e-commerce, pharmaceuticals, heavy industries, and banking institutions. Additionally, through its subsidiary NimbusPost, Xpressbees offers a SaaS-based shipping aggregation platform for SMEs and D2C brands. The company currently serves over 6,000 clients and collaborates with 27 courier partners.
XpressBees achieved unicorn status following a $300 million funding round in February 2021 and facilitated $65 million worth of secondary transactions since August 2022. The company has also witnessed two secondary transactions after joining the unicorn club. In April of this year, Khazanah Nasional Berhad invested $40 million through a secondary purchase from its early investor, Elevation Capital. In August 2022, Elevation Capital sold a $25 million stake in the company to Avendus Future Leaders Fund.
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For the fiscal year 2022-23, XpressBees reported a 33% increase in operating revenue, reaching Rs 2,531.5 crore, compared to Rs 1,904 crore in the previous fiscal year. However, the company did report a net loss of Rs 180.4 in the same fiscal year.
