Logistics agency Xpressbees on Wednesday mentioned it has raised USD 300 million (about Rs 2,250 crore) in a Sequence-F funding spherical led by Blackstone Progress, TPG Progress and ChrysCapital.
The capital raised shall be used for product improvement, expertise acquisition and the following part of progress, it added.
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With this spherical, the full quantity of funds raised by Xpressbees exceeds USD 500-million, the corporate mentioned in an announcement.
Current traders Investcorp and Norwest Enterprise Companions additionally participated within the contemporary spherical of capital elevating.
We’re excited to welcome our new companions Blackstone Progress, TPG Progress, and ChrysCapital in our progress journey. With their huge community and operational experience, we imagine that they are going to additional gas our efforts in pursuing new alternatives and can assist increase our footprint,? mentioned Amitava Saha, founder-CEO, Xpressbees.
The freshly raised capital shall be used to attain the Xpressbees imaginative and prescient to evolve right into a full-service logistics firm, help the enterprise in its subsequent part of progress, product improvement and hiring expertise, the assertion mentioned.
Stating that it has logged a close to 100 per cent progress in income on a year-to-year foundation, the corporate mentioned it has progressively constructed expertise platforms, an intensive community attain and a seamless final mile administration system.
Based in 2015, Xpressbees has its presence throughout 3,000 cities, serving over 20,000 pin codes, and delivers over 1.5 million packages per day.
Moreover, it has over 100 hubs pan-India with over 1,000,000 sq ft of warehousing capability and operates throughout 52 airports within the nation.
Xpressbees is enjoying an necessary function in India’s booming e-commerce sector, which remains to be at an early stage and has a protracted runway of improvement.
We stay up for leveraging Blackstone’s deep experience and world community in logistics and e-commerce to speed up its progress,? mentioned Mukesh Mehta, Senior Managing Director at Blackstone Personal Fairness.
Because the Indian e-commerce market continues to develop, the necessity for end-to-end provide chain options that may meet the wants of diversified prospects throughout industries has by no means been extra pronounced, mentioned Akshay Tanna, Companion at TPG Progress.
Xpressbees has developed a differentiated, extremely scalable, and asset-light working mannequin that’s totally built-in by way of a customisable tech platform. We stay up for leveraging our deep capabilities in
India to help Amitava and his workforce as they develop the enterprise and construct on their management place,? he added.
XpressBees is an thrilling solution to again the booming e-commerce sector in India, which continues to be a powerful focus for ChrysCapital,? Kshitij Sheth, Director at ChrysCapital, mentioned.
Avendus Capital acted because the unique monetary advisor to Xpressbees on this transaction, based on the assertion.