India’s Xpressbees nets $40m funding from Malaysia’s Khazanah Nasional Berhad

India’s top third-party logistics provider, Xpressbees, has secured a $40 million investment from Malaysia’s sovereign wealth fund, Khazanah Nasional Berhad, through a secondary purchase from an early investor.

Xpressbees has been gaining significant market share in India’s logistics sector, thanks to its unique and scalable asset-light approach and tech-led precision execution.

The company has expanded and strengthened its express delivery, B2B express, warehousing, and cross-border business, providing a complete logistics fulfillment platform.

Xpressbees CEO Amitava Saha stated that there’s a massive opportunity for tech-led disruption in logistics, and the company aims to become a dominant end-to-end logistics player leveraging any strategic opportunities.

“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,” Saha added.

Xpressbees aims to become one of the largest tech-led logistics businesses in the sector as it rides on India’s booming e-commerce market.

Karan Sharma, MD, and Co-Head of Digital and Technology Investment Banking at Avendus Capital, expressed pride in partnering with Xpressbees and its phenomenal approach to reinventing logistics with an India-first approach.

Sharma highlighted Xpressbees’ ability to gain market share and demonstrate superior business economics despite strong macro headwinds.

Xpressbees operates in over 5,000 cities, serving more than 20,000 pin codes, and delivering over 2 million packages daily. The company has more than 100 hubs across India, with over 3 million sq. ft. of warehouse capacity, and operates across 52 airports in the country.

Khazanah Nasional Berhad aims to create sustainable value for Malaysians through investments in catalytic sectors, active stewardship, increased global presence, and building capacity and vibrant communities.

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