Teachers’ Venture Growth, the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, invests USD 80 million in Xpressbees
Pune, November 7, 2023 – Xpressbees, one of India’s market-leading and fastest growing third-party end-to-end logistics platforms, announced today that Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the C$249 billion Ontario Teachers’ Pension Plan has made a US$ 80 million investment in Xpressbees. This investment will be used to help drive further growth for the Xpressbees platform and support the company’s strong management team with their future ambitions. This marks Ontario Teachers’ first investment in India from the TVG platform. TVG joins a marquee set of investors in the company including Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhard, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital.
Xpressbees has been at the forefront of tech-led disruption in the logistics industry with its unique asset light model tailormade for India and has executed this in a highly capital efficient format. Xpressbees has gained significant market share from incumbents while maintaining its best-in-class SLAs through multiple tech interventions. It has helped scale multiple e-commerce platforms by providing an extremely efficient logistics solution and delivering happiness to their customers’ doorstep. With express logistics being the need of the hour for multiple industries, it has expanded focus across Pharma, Healthcare, Manufacturing and many other segments.
Through its subsidiary NimbusPost, Xpressbees is providing a SaaS based shipping aggregation platform for SME & D2C brands. It’s easy and reliable plug and play cost effective tech solution has resulted in NimbusPost being the second largest shipping aggregator platform. Today, it has 60,000+ clients and ships through 27 local and national courier partners. The company further intends to expand its suite of service offerings through selective inorganic acquisitions. It recently acquired TrackOn to enter SME/C2C courier services.
Speaking on the transaction, Amitava Saha, Founder & CEO Xpressbees said, “We believe the logistics sector is at the cusp of technological disruption and this is the right time to expand service offerings to address the growing needs of businesses and consumers. We are elated to partner with the TVG team who bring rich experience and a vast global network which will help as we scale our end-to-end platform to cater to the next level.”
Deepak Dara, Senior Managing Director and Head of India at Ontario Teachers’ said, “We are excited about the market opportunity for end-to-end logistics and supply chain solutions that can meet the needs of a diversified customer base across industries, including e-commerce in India. Led by a strong team, Xpressbees has established a highly scalable and efficient asset-light model with proven execution capabilities. We are delighted to partner with Amitava and the Xpressbess team in executing their vision to build an industry-leading business.”
Kelvin Yu, Senior Managing Director, Teachers’ Venture Growth said “Xpressbees aligns with our TVG thesis for Asia, of partnering with exceptional management teams looking to leverage technology to accelerate growth in an attractive end market that has a long runway for innovation and development. India is a critical market for our TVG Asia strategy, where we look to lead or co-lead rounds, and Xpressbees is a culmination of one such proprietary opportunity. We are excited to partner with Amitava and leverage our global network and playbook to drive long-term value creation for the business”
Avendus Capital was the exclusive financial advisor on this transaction
About Xpressbees
Xpressbees is one of the fastest growing end-to-end logistics companies in India. Xpressbees has established itself as a full-service logistics organization across B2C Express, B2B Express, 3PL, Cross-border operations, Shipping aggregator and SME courier services. The company today is present across over 5,000 cities and towns, serving over 20,000 pin codes, and delivers over 1.5 million packages per day. Xpressbees now has over 100 hubs across India, more than 3 million sq. ft. of warehouse capacity, and operates across 52 airports in the country.
About Teachers’ Venture Growth
Teachers’ Venture Growth (TVG) focuses on late-stage venture and growth equity investments in cutting-edge technology companies worldwide. We partner with founders with bold missions, looking to expand their product offering, scale geographically, and become the leaders in their markets. We bring long-term thinking and active investing to help build better businesses and a better world. We think globally and act locally through our direct office presence around the world.
TVG is part of the Ontario Teachers’ Pension Plan Board (Ontario Teachers’) a global investor with net assets of $249.8 billion as at June 30, 2023. Ontario Teachers’ invests in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 336,000 working members and pensioners.
With offices in Toronto, London, Hong Kong, Singapore, Mumbai and San Francisco, our more than 400 investment professionals bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.4% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
