Xpressbees raises $40M from Malaysia's Khazanah Nasional Berhad

Indian logistics solutions provider Xpressbees has raised $40 million in funding from Malaysia's sovereign wealth fund Khazanah Nasional Berhad. According to the company's statement, the investment from Khazanah will be made through a secondary purchase from Elevation Capital, an early investor in Xpressbees.

This isn't the first time Elevation Capital has taken money off the table in Expressbees. Last year in August, Elevation sold some part of the stake to Avendus Future Leaders Fund for Rs 195 crore.

The logistics company counts Blackstone Growth, TPG Growth, ChrysCapital, Alibaba Group, Investcorp, Norwest Venture Partners and Gaja Capital as its existing investors.

In February 2022, Amitava Saha and Supam Maheshwari founded Xpressbees raised $300 million in a Series F round from Norwest Venture Partners, TPG Growth, Investcorp, Chrys Capital, and Blackstone.

Founded in 2012, Xpressbees is an e-commerce-focused end-to-end supply chain solutions provider. The company also offers other services such as B2B Express, Warehousing and Cross-border operations.

Currently, It claims to have a presence across 5,000 cities, serving over 20,000 pin codes and delivering over 2 million packages per day.

Statement:

“There is a huge opportunity for tech-led disruption in logistics. We have established a leading brand but are still early in our growth story. 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 & CEO of Xpressbees.