End-to-end logistics platform Xpressbees has raised $80 million from Teachers’ Venture Growth (TVG). TVG is the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan. The Xpressbees deal marks Ontario Teachers’ first investment in India via the TVG platform.

The logistics company noted that it will use the funds for its future ambitions but did not disclose exact details. Moreover, the $80 million round will likely be the last one for Xpressbees, which hopes to go public soon, the company said.

Amitava Saha, founder and CEO of Xpressbeessaid, 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.”

After the latest fundraise, TVG joins Blackstone, TPG, ChrysCapital, Alibaba and Gaja Capital who have invested in the logistics company.

In August, Xpressbees acquired TrackOn, another logistics player. This acquisition was done so that the logistics company entered the customer-to-customer (C2C) courier services space.

The logistics company competes with larger players like Delhivery through B2C Express, B2B Express, third-party logistics (3PL), cross-border operations, shipping aggregator and SME courier services.

As per its website, Xpressbees is present across over 5,000 cities and towns, and serves 20,000 pin codes. They noted that the company delivers over 1.5 million packages per day which compares with about 6.7 million parcels each day for Delhivery. Moreover, they have over 100 hubs across India, more than 3 million square feet of warehouse capacity and operates across 52 airports in the country.

Deepak Dara, Senior Managing Director and Head of India at Ontario Teachers’ Pension Plan, said, “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.”

The company reported a 33 per cent year-on-year (YoY) growth in revenue which came in at Rs 2,531.5 crore over FY23, while its losses shot up by over 6X to Rs 180 crore during the same period.

Xpressbees was founded in 2015. It started as the logistics arm of e-commerce platform focussed on kids, Firstcry, but later spun off as a separate unit. Since then it has raised over $600 million in capital and is valued at $1.4 billion.