Logistics provider Xpressbees announced that it had raised a $40 million investment from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. This investment will be made through a secondary purchase from an early investor in the company.
Blackstone Growth, TPG Growth, ChrysCapital, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital back the startup. According to a statement, Khazanah’s investment will be made through a secondary purchase from an early investor in the company.
In this transaction, Avendus Capital served as the exclusive financial advisor.
“We continue on our path to become a dominant end-to-end logistics player and look to leverage any strategic opportunities. Khazanah’s disciplined long-term investment approach makes the Malaysian sovereign wealth fund a perfect partner for us in this journey,” said Amitava Saha, Founder and CEO Xpressbees.
The Pune-based startup serves more than 20,000 pin codes and is present in 5,000 cities. With over three million sq ft of warehouse capacity and operations at 52 airports across India, Xpressbees has over 100 hubs.
“We believe Xpressbees is well-poised to build one of the largest tech-led businesses as they ride on the massive ecommerce market opportunity,” added Karan Sharma, MD & Co-Head, Digital and Technology Investment Banking, Avendus Capital.