Ontario Lecturers’ fund backs Indian logistics unicorn Xpressbees in $80 million funding

Ontario Lecturers’ fund backs Indian logistics unicorn Xpressbees in $80 million funding


Picture Credit: Dhiraj Singh / Bloomberg / Getty Photos

Xpressbees, an Indian logistics agency that works with a number of e-commerce companies within the nation, has raised $80 million in a brand new funding spherical led by Ontario Lecturers’ late-stage enterprise progress fund amid a surge within the nation’s on-line purchasing exercise.

The Canadian pension fund has acquired a stake within the Pune-headquartered startup at about $1.4 billion valuation, similar worth at which the startup raised a Sequence F tranche earlier. With the newest funding spherical, Xpressbees’ cumulative funding has reached roughly $680 million. It didn’t share a reputation for the spherical, and in addition didn’t disclose how a lot of the brand new elevate got here by way of secondary transactions.

Xpressbees, which additionally counts Malaysian sovereign wealth fund Khazanah, TPG, Alibaba and Blackstone amongst backers, works with greater than 1,000 shoppers — together with monetary and e-commerce providers large Paytm, social commerce startup Meesho, eyewear vendor Lenskart, telephone maker Xiaomi, and on-line pharmacy NetMeds — ship their merchandise throughout the nation.

It has presence in over 2,000 cities and cities and it processes greater than 2.5 million orders a day. The loss-making startup posted a income of about $300 million within the monetary 12 months ending March. The arrival of the Canadian pension fund is indicative that Xpressbees is readying itself for an preliminary public providing inside a 12 months to 2.

Xpressbees began its journey inside FirstCry, an e-commerce for child merchandise, in 2012. However in 2015, it grew to become an impartial firm with Amitava Saha, co-founder and chief working officer of FirstCry, transferring out of FirstCry to turn out to be chief government of Xpressbees. Supam Maheshwari, who co-founded FirstCry and serves as its chief government, is the opposite co-founder of Xpressbees.

“We’re excited in regards to the market alternative for end-to-end logistics and provide chain options that may meet the wants of a diversified buyer base throughout industries, together with e-commerce in India,” mentioned Deepak Dara of Ontario Lecturers, in a press release. “Led by a robust workforce, Xpressbees has established a extremely scalable and environment friendly asset-light mannequin with confirmed execution capabilities.”

Ontario Lecturers’ has invested over $3 billion in India, and identifies it as one its “key strategic” nations.

Xpressbees competes with a handful of established companies and startups, together with publicly listed agency Delhivery and Shadowfax, which is in superior levels of talks to lift about $60 million in a spherical led by TPG NewQuest, TechCrunch earlier reported.

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