Xpressbees, a third-party end-to-end logistics provider, has raised $300 million in a Series F funding round led by private equity funds Blackstone Growth, TPG Growth and ChrysCapital.

The round also saw the participation of Investcorp and Norwest Venture Partners. With this round, the total amount of funds raised by Xpressbees exceeds $500 million. Avendus Capital acted as the exclusive financial advisor to Xpressbees on this transaction.

Strong growth

“In this round, we are well over unicorn valuation. The jump in valuation is because of business growth and improvement in performance on both topline and bottomline of the company. We had 95 per cent growth in FY19 and in FY22, we are growing at around 75 per cent,” Amitava Saha, Founder and Chief Executive Officer, Xpressbees, told BusinessLine.

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He added that the company is EBITDA positive and will be closing FY22 at over ₹1,800 crore revenue. The capital will be used to achieve Xpressbees’ vision to evolve into a full-service logistics organisation, support the business in its next phase of growth, product development, and hiring talent.

Mukesh Mehta, Senior Managing Director in Blackstone Private Equity, added, “Amitava Saha has done a phenomenal job of transforming Xpressbees from an up-and-coming start-up into one of the top logistics businesses in India today. 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 ecommerce to accelerate Xpressbees’s growth.”

Founded in 2015, Xpressbees is currently present across 3,000 cities, serving over 20,000 pin codes, and delivers over 1.5 million packages per day. Xpressbees now has over 100 hubs across India, 10 lakh sqft. plus warehouse capacity, and operates across 52 airports in the country.