XPRESSBEES RAISES $300 MN FUNDS FROM BLACKSTONE GROWTH, OTHERS

MUMBAI: Logistics firm Xpressbees on Wednesday said it has raised $300 million (about ₹2,250 crore) in a Series-F funding round led by Blackstone Growth, TPG Growth and ChrysCapital.

The capital raised will be used for product development, talent acquisition and the next phase of growth, it added. With this round, the total amount of funds raised by Xpressbees exceeds $500-million, the company said in a statement. Existing investors Investcorp and Norwest Venture Partners also participated in the fresh round of capital raising. “We are excited to welcome our new partners Blackstone Growth, TPG Growth, and ChrysCapital in our growth journey. With their vast network and operational expertise, we believe that they will further fuel our efforts in pursuing new opportunities and will help expand our footprint,” said Amitava Saha, founder-CEO, Xpressbees. The freshly raised capital will be used to achieve the Xpressbees vision to evolve into a full-service logistics company, support the business in its next phase of growth, product development and hiring talent, the statement said. Stating that it has logged a near 100% growth in revenue on a year-to-year basis, the company said it has progressively built technology platforms, an extensive network reach and a seamless last mile management system. Founded in 2015, Xpressbees has its presence across 3,000 cities and delivers over 1.5 million packages per day.

Besides, it has over 100 hubs pan-India with over a million square feet of warehousing capacity and operates across 52 airports in the country. “Xpressbees 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 its growth,” said Mukesh Mehta, Senior MD at Blackstone Private Equity.