Elevation Cap sells ~3% stake in Xpressbees to Malaysia's Khazanah for $40-M

Malaysia's sovereign wealth fund Khazanah Nasional has picked up close to 3% stake in ecommerce-focused Xpressbees Logistics for about USD 40 million in a secondary share sale by Elevation Capital (earlier Saif Partners). The deal values XpressBees at around USD 1.3-1.4 Billion. Elevation will now hold about 2% stake in Xpressbees. The fund had gotten shares in Xpressbees when the logistics firm was spun off from ecommerce company FirstCry in 2015. It further pumped in around USD 4 million. In August last year, it sold shares worth about USD 25 million to Avendus Future Leaders Fund.