XpressBees Raises Rs 660 Crore From Teachers’ Venture Growth

Logistics unicorn Xpressbees Pvt. has raised $80 million (about Rs 660 crore) from Teachers’ Venture Growth, the late-stage investment arm of the Ontario Teachers’ Pension Plan.

This marks Ontario Teachers’ first investment in India from its TVG platform. TVG joins marquee investors in XpressBees, including Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhard, Alibaba Group, Elevation Capital, Gaja Capital and Investcorp, among others.

"The investment will be used to help drive further growth for the Xpressbees platform and support the company’s strong management team with their future ambitions," it said in a statement on Tuesday. 

XpressBees also operates NimbusPost, a SaaS-based shipping aggregation platform for enterprises and direct-to-consumer brands. It also recently acquired TrackOn to enter courier services.

“We believe the logistics sector is at the cusp of technological disruption and this is the right time to expand service offerings to address the growing needs of businesses and consumers," said Amitava Saha, founder and chief executive officer of Xpressbees.

"India is a critical market for our TVG Asia strategy, where we look to lead or co-lead rounds, and Xpressbees is a culmination of one such proprietary opportunity. We are excited to partner with Amitava and leverage our global network and playbook to drive long-term value creation for the business," said Kelvin Yu, senior managing director, Teachers’ Venture Growth.