Xpressbees raises $80 million from arm of Ontario Teachers’ Pension Plan
Live MintLogistics unicorn Xpressbees said on Tuesday it has raised $80 million from Teachers’ Venture Growth, the late-stage investment arm of the Ontario Teachers’ Pension Plan. “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,” said Amitava Saha, founder and chief executive officer at Xpressbees. TVG will acquire a minority stake in Xpressbees, joining the likes of TPG Growth, Blackstone ChrysCapital, Khazanah Nasional Berhard, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital. "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.” Xpressbees, founded in 2015 by Saha and Supam Maheshwari, is a logistics company that caters to sectors such as e-commerce, pharmaceuticals, fast-moving consumer goods, retail, manufacturing, electronics, and consumer durables.
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