Ontario Teachers’ Pension Plan Gets a Buzz on Xpressbees
Posted on 11/07/2023
Xpressbees is an 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.
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 aligns with Teachers’ Venture Growth 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 their TVG Asia strategy.
Through its subsidiary NimbusPost, Xpressbees is providing a SaaS based shipping aggregation platform for SME & direct-to-consumer brands. It’s easy and reliable plug and play cost effective tech solution has resulted in NimbusPost being the second largest shipping aggregator platform. Currently, 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.
Deepak Dara, Senior Managing Director and Head of India at Ontario Teachers’ said in a press release, “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.”
Advisors
Avendus Capital was the exclusive financial advisor on this transaction.
Keywords: Ontario Teachers Pension Plan.
