Xpressbees raises $300 mn in unicorn round, some major investors exit

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Logistics start out-up Xpressbees stated on Wednesday it has raised $300 million in a funding spherical led by private fairness resources Blackstone Development, TPG Advancement and ChrysCapital. The enterprise is now a unicorn immediately after the spherical valued it at $1.2 billion.

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The Series F fundraise integrated a primary capital infusion of $100 million and a secondary share sale well worth $200 million. Early investors Elevation Funds and Alibaba booked a partial exit in the share sale Chinese asset management company CDH Investments designed a full exit.&#13
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Existing investors, Investcorp and Norwest Venture Partners, also participated in the Collection F round. With this round, the overall amount of resources elevated by Xpressbees exceeds $500 million. In accordance to information from Tracxn, Xpressbees was valued at $403 million in its past funding spherical in November 2020 when it had elevated $110 million.

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“We are on observe to obtain Rs 1,800 crore in profits FY22 and are now EBITDA good. This fundraise did not will need a bigger principal capital elevate as we already have cash in the bank. Our earnings has developed 70 per cent in excess of the past fiscal,” reported Amitava Saha, founder and CEO of Xpressbees.

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The capital from the newest fundraise will be employed to obtain Xpressbees’ vision to evolve into a complete-company logistics organisation, assist the company in its upcoming section of expansion, product or service enhancement, and employing expertise.

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“We are fired up to welcome our new associates Blackstone Progress, TPG Growth, and ChrysCapital in our development journey. With their large network and operational knowledge, we believe that they will further fuel our efforts in pursuing new chances and will help extend our footprint,” Saha stated.

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“Xpressbees is actively playing an vital function in India’s booming e-commerce sector, which is continue to at an early stage and has a extended runway of progress. We glimpse ahead to leveraging Blackstone’s deep know-how and international community in logistics and ecommerce to accelerate Xpressbees’s growth,” reported Mukesh Mehta, Senior Running Director in Blackstone Personal Equity, which is based in India.

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Launched in 2015, Xpressbees is effective in 3000 towns and delivers in excess of 1.5 million offers each day. It has additional than 100 hubs throughout India.

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