Logistics unicorn Xpressbees raises $80 mn from Teachers’ Venture Growth

New Delhi : B2B logistics service provider Xpressbees has raised $80 million from Teachers’ Venture Growth (TVG), the investment arm of Ontario Teachers’ Pension Plan.

The Canadian pension fund acquired a stake in the Pune-headquartered startup at about $1.4 billion valuation, according to reports. This investment will be used to help drive further growth for the Xpressbees platform and support the company’s management team with their future ambitions, the company said in a statement.

This marks Ontario Teachers’ first investment in India from the TVG platform. “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,” Deepak Dara of Ontario Teachers said in a statement.

“Led by a strong team, Xpressbees has established a highly scalable and efficient asset-light model with proven execution capabilities,” Dara added. XpressBees turned unicorn after a $300 million round in February 2021.

The logistics platform provides supply chain solutions including B2B/B2C express delivery service, cross-border logistics, and warehousing services to e-commerce, pharma, heavy industries and banking institutions. Through its subsidiary NimbusPost, Xpressbees provides SaaS-based shipping aggregation platform for SME and D2C brands.