Xpressbees raises $40 million from Khazanah Nasional Berhad

Xpressbees counts Blackstone Growth, TPG Growth, ChrysCapital, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaza Capital among its existing investors.

Elevation Capital has sold a 4% stake in the company to Khazanah, valuing the new-age logistics provider at $1.2 billion pre-money, according to two people with knowledge of the deal.

“There is a huge opportunity for technology-led disruption in logistics. We have established a leading brand but are still at an early stage in our growth story. We are committed to becoming a leading end-to-end logistics player. Khazanah’s disciplined long-term investment approach makes the Malaysian Sovereign Wealth Fund an ideal partner for us in this journey,” said Amitabh Saha, Founder & CEO, ExpressBiz Said.

This is the second time that Elevation Capital has taken money off the table at ExpressBiz. In August last year, Avendus Future Leaders Fund had bought stake in ExpressBiz from Elevation Capital. 195 crores. Earlier in February 2022, the company had raised $300 million in seed capital in a round led by private equity funds Blackstone Growth, TPG Growth and ChrysCapital, valuing it at $1.1 billion.

Founded in 2012 by serial entrepreneurs Amitav Saha and Supam Maheshwari, Xpressbees is an e-commerce focused end-to-end supply chain solutions provider. Apart from the e-commerce (B2C) division, Xpressbees has now added new lines of businesses such as B2B Express, Warehousing and Cross-Border Operations. The company is today present in 5,000 cities, serving over 20,000 pin codes, and delivers over 2 million packages per day, the release said.

According to the release, Xpressbees now has over 100 hubs across India, over 3 million sq ft of warehouse capacity, and operates across 52 airports in the country.