Xpressbees raises $80 million from arm of Ontario Teachers’ Pension Plan
₹665 crore) from Teachers’ Venture Growth (TVG), the late-stage investment arm of the Ontario Teachers’ Pension Plan (OTPP). The firm said it would use the fresh capital to drive growth and support its management team's ambitions. “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," said Amitava Saha, founder and chief executive officer at Xpressbees.
Avendus Capital was the exclusive financial advisor on this transaction. The fundraise comes six months after Malaysian sovereign wealth fund Khazanah Nasional Berhad invested $40 million (around ₹320 crore) in the Pune startup. OTPP, which manages assets worth $250 billion, has been increasing its investments in Indian companies rapidly over the past year, joining its larger peers in doing so.
VCCircle reported last week that the Canadian pension fund had received approval from the Competition Commission of India (CCI) to invest in Xpressbees. The latest investment is its first commitment from TVG, which focuses on late-stage venture and growth equity investments in technology companies. TVG will acquire a minority stake in Xpressbees, joining the likes of TPG Growth, Blackstone ChrysCapital, Khazanah Nasional Berhard, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital.
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