Xpressbees raises $40 million from Khazanah

Xpressbees raises $40 million from Khazanah

Pune-based logistics company, Xpressbees, on Friday, announced it had raised $ 40 million in funding from Khazanah Nasional Berhad (Khazanah), the sovereign wealth fund of Malaysia. This investment will be made through a secondary purchase from an early investor in the company. Khazanah joins Blackstone Growth, TPG Growth, ChrysCapital, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital.

Xpressbees, founded by Amitava Saha and Supam Maheshwari, had raised $ 300 million in February 2022 making it a unicorn with a valuation of $ 1.3 billion.

Xpressbees said it had gained significant market share against other incumbents with its scalable asset-light approach coupled with indigenous tech-led precision execution. The company said it continued to expand and strengthen its express delivery, B2B express, warehousing and cross-border business to provide a complete logistics fulfillment platform.

Saha, founder and CEO Xpressbees said, there was a huge opportunity for tech led disruption in logistics and they had established a leading brand but are still early in our growth story. Khazanah’s disciplined long-term investment approach makes the Malaysian sovereign wealth fund a perfect partner for us in this journey, Saha said.

Karan Sharma, managing director and co-head, digital and technology investment banking, Avendus Capital said, while the market has seen strong macro headwinds, Xpressbees continued to gain market share and demonstrated significantly superior business economics. “Xpressbees is well-poised to build one of the largest tech-led businesses as they ride on the massive e-commerce market opportunity,” Sharma said. Avendus Capital was the exclusive financial advisor on this transaction.