Private Equity

PE Fund Investments

Logistics player XpressBees in talks with Blackstone, others to raise $300-M

Economic Times Print Edition  

Xpressbees, a Pune-based logistics services provider from the Firstcry stable, is in talks with private equity funds led by Blackstone to raise USD 300 million (INR 2,232 crore). Other PE funds likely participating in the new funding round include ChrysCapital and TPG Capital. Blackstone is expected to bring in USD 180 million. The deal is likely to be signed next week. The funding round will value the startup at about USD 1.1 Billion. Xpressbees will raise USD 100 million by offering fresh shares, where the proceeds will go into the company's coffers. Some of the early investors of the company are part-selling their stake to raise the remaining USD 200 million. In November 2020, private equity funds Investcorp, Norwest Venture Partners and Gaja Capital together invested around INR 800 crore to acquire about 31% stake in Xpressbees. The firm also raised USD 35 million from Alibaba in 2017. Earlier, in 2016, it had raised USD 12.5 million from its then existing investors.