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Third-party logistics provider Xpressbeeshas raised $300 million in a Series F funding round at a valuation of $1.2 billion. The round was led by private equity funds Blackstone Growth, TPG Growth, and ChrysCapital. Existing investors, Investcorp, and Norwest Venture Partners also participated in the latest round.

With this round, the total amount of capital raised by Xpressbees exceeds $500 million. Avendus Capital acted as the exclusive financial advisor to Xpressbees on this transaction.

Xpressbees, in a statement, said it will use the fresh capital to become a full-service logistics organisation, support the business in its next phase of growth, product development, and hire talent.

Announcing the funding, Amitava Saha, Founder, and Chief Executive Officer, Xpressbees said, “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 newer opportunities and will help expand our footprint.”

Mukesh Mehta, Senior Managing Director in Blackstone Private Equity, based in India, said: “Xpressbees is playing an important role in India’s booming ecommerce sector, which is still at an early stage and has a long runway of development.”

Xpressbees says it has developed a seamless last mile management system, and has experienced a near 100% growth in revenue on a year-to-year basis.

Akshay Tanna, Partner at TPG Growth, added: “Xpressbees has developed a differentiated, highly scalable, and asset-light operating model that is fully integrated through a customizable tech platform. We look forward to leveraging our deep capabilities in India to support Amitava and his team as they grow the business and build on their leadership position.”