Indian logistics start-up Xpressbees turns unicorn with $300 mn round

14 Feb '22

1 min read

Pic: Shutterstock

Indian logistics start-up Xpressbees recently announced raising $300 million in a funding round led by 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 company is now a unicorn after the round valued it at $1.2 billion.

The Series F fundraise included a primary capital infusion of $100 million and a secondary share sale worth $200 million. Existing investors Investcorp and Norwest Venture Partners also participated in this round, with which the total funds raised by the company has exceeded $500 million.

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.

The capital from the latest fundraise will be used to achieve Xpressbees’ vision to evolve into a full-service logistics organisation, support the business in its next phase of growth, product development, and hiring talent, according to Indian media reports.

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.

Fibre2Fashion News Desk (DS)

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