Private Equity

PE Fund Investments

Logistics firm XpressBees to raise funds from Canada's OTPP

Inc 42  

Ontario Teachers' Pension Plan (OTPP) is to acquire a minority stake in logistics unicorn XpressBees (via its parent BusyBees Logistics Solution). XpressBees, a spinoff from kids products ecommerce unicorn FirstCry, offers B2B, B2C and cross-border logistics services and has more than 100 hubs spanning 3 Mn sq. ft. of warehouse capacity. The platform caters to 20,000 pin codes across the country and handles more than 3 Mn shipments a day. XpressBees had attracted USD 300 million in funding from Blackstone, TPG, ChrysCapital, among others in 2022 and USD 40 million from Malaysian sovereign fund Khazanah in April this year (via a secondary sale). The startup reported a net loss of INR 27.1 Cr, down 57% YoY, in FY22 against an operating revenue of INR 1,904.4 Cr, up 1.8X YoY.