Xpressbees, a third-party end-to-end logistics provider, announced that it has raised a USD 40 million investment from Khazanah Nasional Berhad (Khazanah), the sovereign wealth fund of Malaysia.


With this, Khazanah joins a high-quality set of investors in the company including Blackstone Growth, TPG Growth, ChrysCapital, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital. Avendus Capital was the financial advisor on this transaction.


Speaking on the transaction, Amitava Saha, Founder and CEO Xpressbees said, “There is a huge opportunity for tech led disruption in logistics. We have established a leading brand but are still early in our growth story. We continue on our path to become a dominant end-to-end logistics player and look to leverage any strategic opportunities. Khazanah’s disciplined long-term investment approach makes the Malaysian sovereign wealth fund a perfect partner for us in this journey.”

Karan Sharma, MD and Co-head, Digital and Technology Investment Banking, Avendus Capital said, “We are proud to partner with Xpressbees once again as they chart a phenomenal path to reinvent logistics through an India first approach. While the market has seen strong macro headwinds, they have continued to gain market share and have demonstrated significantly superior business economics. We believe Xpressbees is well-poised to build one of the largest tech-led businesses as they ride on the massive e-commerce market opportunity.”

The company cut its losses in FY22 to roughly Rs 27 crore, down from Rs 63 crore in FY21. The forecasts for FY23 are based on unaudited data.