Teachers' Venture Growth bets on India's Xpressbees
Xpressbees, a third-party end-to-end logistics platform in India, has received an $80 million investment from Teachers’ Venture Growth (TVG), the late-stage venture, and growth investment arm of Ontario Teachers' Pension Plan (Teachers'). The funding will fuel Xpressbees' ongoing expansion efforts and support its management team. The investment marks Teachers' first investment in India through TVG.
“We are excited about the market opportunity for end-to-end logistics and supply chain solutions that can meet the needs of a diversified customer base across industries, including e-commerce in India,” says Deepak Dara, senior managing director and head of India at Teachers’.
Xpressbees has disrupted the logistics industry in India with its “highly scalable and efficient asset-light model with proven execution capabilities,” says Dara. The company has played a pivotal role in scaling various e-commerce platforms, particularly in sectors such as pharma, healthcare, and manufacturing.
Through its subsidiary NimbusPost, Xpressbees offers a SaaS-based shipping aggregation platform for SME and D2C brands, becoming the second-largest shipping aggregator platform with over 60,000 clients and partnerships with 27 courier partners.
“We believe the logistics sector is at the cusp of technological disruption and this is the right time to expand service offerings to address the growing needs of businesses and consumers. 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,” says Amitava Saha, founder and CEO of Xpressbees.
Xpressbees is one of India's fastest-growing end-to-end logistics companies. Other investors include Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhard, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners, and Gaja Capital.
“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,” says Kelvin Yu, senior managing director at TVG. “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. We are excited to partner with Amitava and leverage our global network and playbook to drive long-term value creation for the business."