Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, has invested $40 million in Xpressbees, a third-party logistics provider, through a secondary share sale. Elevation Capital, an existing investor, sold some of its shareholding in Xpressbees to Khazanah, while other current investors in the company include Blackstone Growth, TPG Growth, ChrysCapital, Alibaba Group, Investcorp, Norwest Venture Partners, and Gaja Capital.
Amitava Saha, Founder & CEO of Xpressbees, noted that there is a significant opportunity for tech-led disruption in logistics, and the company is still in its early growth stage. Xpressbees aims to become a dominant end-to-end logistics player and is looking to leverage strategic opportunities. Khazanah’s disciplined long-term investment approach makes it an ideal partner for Xpressbees in this journey.
Karan Sharma, MD & Co-Head of Digital and Technology Investment Banking at Avendus Capital, expressed pride in partnering with Xpressbees again as it reinvents logistics through an India-first approach. Despite strong macro headwinds, Xpressbees has continued to gain market share and has demonstrated superior business economics. Sharma believes that Xpressbees is well-positioned to build one of the largest tech-led businesses in the massive e-commerce market opportunity.
Xpressbees is an end-to-end logistics company in India that operates across 5,000 cities, serving over 20,000 pin codes, and delivers over 2 million packages per day. The company has over 100 hubs across India, more than 3 million sq. ft. of warehouse capacity, and operates across 52 airports in the country. Its vision to evolve into a full-service logistics organization is reflected in new lines of businesses like B2B Express, Warehousing, and Cross-border operations.