Indian end-to-end logistics startup Xpressbees has raised a $300 million Series F round from private equity funds TPG Growth, Blackstone Growth and ChrysCapital.
Early investors Elevation Capital and Alibaba booked a partial exit in a share sale, while Chinese asset management firm CDH Investments fully exited. The fundraising included a primary capital infusion of $100 million and a secondary share sale worth $200 million.
The round also saw the participation of Investcorp and Norwest Venture Partners. With this round, the total amount of funds raised by Xpressbees exceeds $500 million. After the round, the company is now a unicorn valued at $1.2 billion.
“In this round, we are well over unicorn valuation. The jump in valuation is because of business growth and improvement in performance on both the topline and bottom-line of the company. We had 95 percent growth in FY19 and in FY22, we are growing at around 75 percent,” said Amitava Saha, Founder and Chief Executive Officer, Xpressbees.
The third-party end-to-end logistics startup aims to be a full-service logistics organization
The capital from the latest fundraise 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.
The company is EBITDA positive and will be closing FY22 at over INR 1,800 crore revenue. According to data from Tracxn, Xpressbees was valued at $403 million in its last funding round in November 2020, when it had raised $110 million.
Founded in 2015 and with more than 100 hubs across India, Xpressbees works in 3,000 cities and delivers over 1.5 million packages daily.
Mukesh Mehta, Senior Managing Director in Blackstone Private Equity, 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.”
“The startup 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 e-commerce to accelerate Xpressbees’s growth,” added Mehta.