Logistics provider Xpressbees on Friday said that it has raised a $40 million investment from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. The fund will be deployed to build expansive logistics ecommerce infrastructure and expand market share.
Xpressbees operate over 3000 offices and service centers, ensuring their reach is widespread. With 52 cargo airports in their portfolio, they claim capability of transporting goods across long distances quickly. In order to provide excellent customer service, Xpressbees employs over 500 customer care executives who are available to assist clients.
Additionally, they have over 100 hubs and a warehouse capacity of over 10Lacs sqft, allowing them to store and distribute large quantities of products. The company over 35,000 field executives, ensuring they can cover a wide area and make deliveries promptly. This comprehensive infrastructure according to the company allows Xpressbees to provide efficient and reliable logistics solutions to their customers.
Avendus Capital was the exclusive financial advisor on this transaction. “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,” Amitava Saha, Founder and CEO Xpressbees said.
The Pune-based startup is present across 5,000 cities, serving over 20,000 pin codes. Xpressbees has over 100 hubs across India, more than three million sq. ft. of warehouse capacity, and operates across 52 airports in the country. “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.
This investment will be made through a secondary purchase from an early investor in the company. The startup is backed by investors such as Blackstone Growth, TPG Growth, ChrysCapital, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital, according to a statement.