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Xpressbees , an Indian logistics house that work with several east - mercantilism firms in the land , has raised $ 80 million in a new financing rhythm led by Ontario Teachers ’ later - stage venture growth fund amid a surge in the nation ’s on-line shopping activity .
The Canadian pension monetary fund has acquired a stake in the Pune - headquarter startup at about $ 1.4 billion valuation , the same value at which the startup kindle a Series F tranche earlier . With the latest investment circle , Xpressbees ’ cumulative backing has reachedapproximately $ 680 million . It did n’t portion out a name for the turn , and also did n’t disclose how much of the new raise come in via secondary minutes .
Xpressbees , which also counts Malayan sovereign wealthiness fund Khazanah , TPG , Alibaba and Blackstone among backers , cultivate with more than 1,000 clients — including fiscal and vitamin E - commerce services giant Paytm , social commerce startup Meesho , eyewear trafficker Lenskart , speech sound God Almighty Xiaomi and online pharmacy NetMeds — to deliver their product across the rural area .
It has presence in over 2,000 cities and Town and it march more than 2.5 million order a solar day . The loss - make startup posted a revenue of about $ 300 million in the financial yr ending March . The comer of the Canadian pension fund is indicative that Xpressbees is readying itself for an initial public offer within a yr to two .
Xpressbees started its journey within FirstCry , an e - Department of Commerce for baby products , in 2012 . But in 2015 , it became an independent company with Amitava Saha , Colorado - founding father and chief operating officer of FirstCry , moving out of FirstCry to become chief executive of Xpressbees . Supam Maheshwari , who co - founded FirstCry and serves as its chief administrator , is the other co - founder of Xpressbees .
“ We are excited about the market chance for end - to - end logistics and supply concatenation solution that can encounter the need of a diversified customer base across industry , admit e - DoC in India , ” state Deepak Dara of Ontario Teachers , in a statement . “ take by a hard team , Xpressbees has constitute a highly scalable and efficient plus - Light Within model with leaven carrying into action capabilities . ”
Ontario Teachers ’ has invested over $ 3 billion in India , and identify it as one its “ key strategic ” country .
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Xpressbees competes with a smattering of show firms and startups , including publically heel firm Delhivery and Shadowfax , which is in advanced stages of talk of the town toraise about $ 60 millionin a cycle lead by TPG NewQuest , TechCrunch earlier reported .
