Xpressbees Enters Unicorn Club After $300 Million Series F Funding Round
With this round, the total amount of funds raised by third-party end-to-end logistics provider startup exceeds $500 million
Third-party end-to-end logistics provider, Xpressbees, has announced that it has raised $300 million in a Series F funding round led by private equity funds Blackstone Growth, TPG Growth and ChrysCapital. Existing investors, Investcorp and Norwest Venture Partners, also participated in the Series F round. With this round, the total amount of funds raised by Xpressbees exceeds $500 million. Avendus Capital acted as the exclusive financial advisor to Xpressbees on this transaction.
The newly infused capital will be used to achieve Xpressbees' vision to evolve into a full-service logistics organization, support the business in its next phase of growth, product development, and hiring talent.
Announcing the funding, Amitava Saha, founder, and CEO, Xpressbees said, "We are excited to welcome our new partners Blackstone Growth, TPG Growth, and ChrysCapital in our growth journey. With their vast network and operational expertise, we believe that they will further fuel our efforts in pursuing newer opportunities and will help expand our footprint."
Mukesh Mehta, senior managing director, Blackstone Private Equity, based in India, said "Amitava Saha has done a phenomenal job of transforming Xpressbees from an up-and-coming startup into one of the top logistics businesses in India today. Xpressbees is playing an important role in India's booming e-commerce sector, which is still at an early stage and has a long runway of development. We look forward to leveraging Blackstone's deep expertise and global network in logistics and ecommerce to accelerate Xpressbees's growth."
Akshay Tanna, Partner at TPG Growth, added that as the Indian e-commerce market continues to grow, the need for end-to-end supply chain solutions that can meet the needs of diversified customers across industries has never been more pronounced. "Xpressbees has developed a differentiated, highly scalable, and asset-light operating model that is fully integrated through a customizable tech platform. We look forward to leveraging our deep capabilities in India to support Amitava and his team as they grow the business and build on their leadership position," he said.
Founded in 2015, Xpressbees is currently present across 3000 cities, serving over 20,000 pin codes, and delivers over 1.5 million packages per day. Xpressbees now has over 100 hubs across India, 10 lakh sqft. plus warehouse capacity, and operates across 52 airports in the country.
"XpressBees is transforming the logistics landscape in India by building a robust delivery network powered by technology. ChrysCapital is truly excited to partner with Amitava Saha and his outstanding team. XpressBees is an exciting way to back the booming e-commerce sector in India, which continues to be a strong focus for ChrysCapital. The Fund's extensive networks and experience can help fuel XpressBees to greater heights," said Kshitij Sheth, Director at ChrysCapital.