New Delhi: Logistics agency Xpressbees on Wednesday stated it has raised USD 300 million (about Rs 2,250 crore) in a Series-F funding spherical led by Blackstone Growth, TPG Growth and ChrysCapital.
The capital raised shall be used for product improvement, expertise acquisition and the subsequent part of progress, it added.
With this spherical, the whole quantity of funds raised by Xpressbees exceeds USD 500-million, the corporate stated in a press release.
Existing traders Investcorp and Norwest Venture Partners additionally participated within the contemporary spherical of capital elevating.
“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 new opportunities and will help expand our footprint,” stated 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 stated.
Stating that it has logged a close to 100 per cent progress in income on a year-to-year foundation, the corporate stated it has progressively constructed know-how platforms, an in depth community attain and a seamless final mile administration system.
Founded 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.
Besides, 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 playing an important role in India’s booming e-commerce sector, which is still at an early stage and has a long runway of development. We look forward to leveraging Blackstone’s deep expertise and global network in logistics and e-commerce to accelerate its growth,” stated Mukesh Mehta, Senior Managing Director at Blackstone Private Equity.
As 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, stated Akshay Tanna, Partner at TPG Growth.
“Xpressbees has developed a differentiated, extremely scalable, and asset-light working mannequin that’s absolutely built-in by a customizable tech platform. We look ahead to leveraging our deep capabilities in India to help Amitava and his crew as they develop the enterprise and construct on their management place,” he added.
“XpressBees is an exciting way to back the booming e-commerce sector in India, which continues to be a strong focus for ChrysCapital,” Kshitij Sheth, Director at ChrysCapital, stated.
Avendus Capital acted because the unique monetary advisor to Xpressbees on this transaction, in line with the assertion.
An official of Blackstone, the world’s largest various funding agency, instructed PTI that along with traders, it would maintain a big minority stake within the investee firm and the funding shall be carried out by its arm Blackstone Growth (BGX), for which that is the primary funding in Asia.
Of its USD 60 billion property underneath administration throughout 30 investments since 2006 in India, a 3rd (USD 20 billion) is in actual property and logistics throughout 41 property, making it the most important realty participant by way of asset worth and operational area within the nation .
Mehta stated Xpressbees has remodeled from an up-and-coming startup into one of many prime logistics companies right this moment and has since its inception been taking part in an vital position within the booming e-commerce sector that’s value USD 56 billion now and is clipping at 32 per cent yearly for the reason that previous 5 years and is projected to develop at 29 per cent to a gross merchandise quantity of USD 200 billion over the subsequent 5 years.
Blackstone already owns one of many largest logistics portfolios within the nation and has made marquee investments akin to on-line studying platform Simplilearn; electrical car elements maker Sona Comstar; and VFS Global, which is the worldwide market chief in visa outsourcing providers. Also Read: Samsung unveils Galaxy S22 Ultra, S22 Plus and S22: New digicam, quicker chip, and extra
Last month, Blackstone India mixed its logistics portfolio underneath Horizon Industrial Parks with a portfolio of logistics parks owned and managed by Blackstone Real Estate Fund. Also Read: Vivo T1 5G smartphone with 6.58-inch FHD+ launched in India: Price, specs, options