Logistics Upstart XpressBees Becomes a Unicorn After Raising $300M in Latest Fundraising

India is back to producing unicorns by the day. And joining those ranks is logistics company XpressBees, which announced a new $300 million fundraising round, turning it into another logistics unicorn.

Based in Pune, XpressBees’ current round included $300 million – $100 million primary and $200 million secondary (to give a partial exit to Alibaba and a full exit to an unspecified Chinese investor) – in a Series F financing from ChrysCapital, Blackstone and TPG.

XpressBees is already a household name in the e-commerce logistics circle, as it works with almost all major e-commerce players in India, whether full-service or specialized. Some of the names include Meesho, Chinese smartphone giant Xiaomi, pharmaceutical delivery company Netmeds and digital payments giant Paytm, among others.

“We are delighted to welcome our new partners Blackstone Growth, TPG Growth and ChrysCapital to our growth journey. With their extensive network and operational expertise, we believe they will further fuel our efforts to pursue new opportunities and help expand our footprint,” said Amitava Saha, Founder and CEO of Xpressbees, in a statement.

India has seen an increase in last mile logistics companies which has been more or less commensurate with the rise of e-commerce in the country. However, logistics players have become critical as Amazon and Walmart (owner of Flipkart) seek to delve deeper into India’s rural and semi-urban geography. Players such as Xpressbees, Delhivery and others have quickly developed networks, allowing even small business owners to seamlessly connect and sell products across the country. These companies have now overtaken traditional companies such as DHL-backed Bluedart in terms of overall shipment volumes handled.

To date, XpressBees claims to have over 1 million square feet of warehouse capacity, spread across its 100+ hubs and 3000+ service centers. The company also operates air cargo and has a presence at over 52 cargo airports.

“Xpressbees is playing an important role in India’s booming e-commerce sector, which is still in its infancy and has a long track of development,” Mukesh Mehta, senior managing director of Blackstone Private Equity, said in a statement. .

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