Xpressbees, a prominent B2B logistics service provider, has successfully secured $80 million in funding from Teachers' Venture Growth (TVG), the investment arm of Ontario Teachers' Pension Plan. This investment has effectively propelled the Canadian pension fund to acquire a stake in the Pune-based startup, valuing it at approximately $1.4 billion, as reported by various sources.
The infusion of capital serves a dual purpose for Xpressbees. Firstly, it will be instrumental in accelerating the growth trajectory of the Xpressbees platform, underlining the company's commitment to expanding its reach and offerings. Furthermore, it will provide crucial support to the management team as they navigate their ambitious future plans, as stated by the company.
This landmark investment represents Ontario Teachers' inaugural foray into the Indian market through the TVG platform. Deepak Dara of Ontario Teachers expressed enthusiasm for the substantial market potential in India, particularly within the realm of end-to-end logistics and supply chain solutions, catering to diverse industry segments, including the burgeoning e-commerce sector.
Dara went on to commend Xpressbees, emphasizing their robust leadership and a highly scalable, asset-light business model with a track record of exceptional execution. Xpressbees had previously achieved unicorn status following a noteworthy $300 million funding round in February 2021.
Xpressbees, renowned for its comprehensive logistics services, offers a spectrum of supply chain solutions encompassing B2B/B2C express delivery, cross-border logistics, and warehousing services, catering to a wide array of sectors, including e-commerce, pharmaceuticals, heavy industries, and banking institutions. Additionally, through its subsidiary NimbusPost, Xpressbees extends a SaaS-based shipping aggregation platform tailored to SME and D2C brands.
(With agency inputs)
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