, a third-party end-to-end logistics platform, has raised $80 million from Teachers’ Venture Growth (TVG).
TVG, which focuses on late-stage venture and growth equity investments, is part of the Ontario Teachers’ Pension Plan Board (Ontario Teachers’) a global investor with net assets of $249.8 billion as of June 30, 2023.
Pune-based Xpressbees will use the funds to fuel its future plans. With this development, TVG joins a marquee set of investors in the company, including Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhard, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners, and Gaja Capital.
Avendus Capital was the exclusive financial advisor on this transaction.
This marks Ontario Teachers’ first investment in India from the TVG platform. Ontario Teachers’ invests in more than 50 countries in a broad array of assets, including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate, and venture growth. The plan has 3,36,000 working members and pensioners.
“We are elated to partner with the TVG team who bring rich experience and a vast global network which will help as we scale our end-to-end platform to cater to the next level,” said Amitava Saha, Founder and CEO of Xpressbees.
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Xpressbees is present across 5,000 cities and towns, serving over 20,000 pin codes and delivering over 1.5 million packages a day. The company has over 100 hubs across India.
“Xpressbees aligns with our TVG thesis for Asia, of partnering with exceptional management teams looking to leverage technology to accelerate growth in an attractive end market that has a long runway for innovation and development,” said Kelvin Yu, Senior Managing Director, Teachers’ Venture Growth.
“India is a critical market for our TVG Asia strategy, where we look to lead or co-lead rounds, and Xpressbees is a culmination of one such proprietary opportunity,” he added.
Edited by Affirunisa Kankudti
