Xpressbees, an Indian logistics agency that works with a number of e-commerce companies in the nation, has raised $80 million in a brand new funding spherical led by Ontario Teachers’ TVG fund amid a surge in the nation’s on-line procuring exercise.
The Canadian pension fund has acquired a stake in the Pune-headquartered startup at about $1.4 billion valuation, identical as a Series F tranche earlier this 12 months. With the most recent funding spherical, Xpressbees’ cumulative funding has reached roughly $680 million.
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 companies big 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 — up from about 600,000 day by day orders final 12 months.
Xpressbees began its journey inside FirstCry, an e-commerce for child merchandise, in 2012. But in 2015, it turned an unbiased firm with Amitava Saha, co-founder and chief working officer of FirstCry, transferring out of FirstCry to turn into chief government of Xpressbees. Supam Maheshwari, who co-founded FirstCry and serves as its chief government, is the opposite co-founder of Xpressbees.
“We are excited about the market opportunity for end-to-end logistics and supply chain solutions that can meet the needs of a diversified customer base across industries, including e-commerce in India,” mentioned Deepak Dara of Ontario Teachers, in a press release. “Led by a strong team, Xpressbees has established a highly scalable and efficient asset-light model with proven execution capabilities.”
Ontario Teachers’ has invested over $3 billion in India, and identifies the nation 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 phases of talks to raise about $60 million in a spherical led by TPG NewQuest, TechCrunch earlier reported.
