NEW DELHI: B2B logistics service provider Xpressbees has raised $80 million from Teachers’ Venture Growth (TVG), the investment arm of Ontario Teachers’ Pension Plan. The Canadian pension fund acquired a stake in the Pune-headquartered startup at about $1.4 billion valuation, according to reports.
This investment will be used to help drive further growth for the Xpressbees platform and support its management team with their future ambitions, as per a release.
This marks Ontario Teachers’ first investment in India from the TVG platform. “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,” Deepak Dara of Ontario Teachers said. XpressBees turned unicorn after a $300 million round in February 2021.