Logistics firm Xpressbees has raised $300 million in a funding round led by Blackstone, TPG, and ChrysCapital. The funding values the company at over $1 billion, making it the 8th Indian unicorn this year. The company has raised over $500 million to date.
Founded in 2015, Xpressbees operates across 3,000 cities, serving over 20,000 pincodes, and delivers more than 1. 5 million packages per day. It has over 100 hubs across India, and has nearly 10 lakh sqft of warehouse capacity. The funding will be used to morph Xpressbees into a full-service logistics company. It will also be used for product development, and hiring talent.
Amitava Saha, founder & CEO, said, “With their (investors) vast network and operational expertise, we believe that they will further fuel our efforts in pursuing newer opportunities and will help expand our footprint. ”
Mukesh Mehta, senior MD in Blackstone Private Equity, said, “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 Xpressbees’s growth. ”