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. This investment will be used to help drive further growth for the Xpressbees platform and support the company’s management team with their future ambitions, the company said in a statement.

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 in a statement. “Led by a strong team, Xpressbees has established a highly scalable and efficient asset-light model with proven execution capabilities”, Dara added.

XpressBees turned unicorn after a $300 million round in February 2021. The logistics platform provides supply chain solutions, including B2B/B2C express delivery service, cross-border logistics, and warehousing services to e-commerce, pharma, heavy industries and banking institutions. Through its subsidiary NimbusPost, Xpressbees provides a SaaS-based shipping aggregation platform for SME and D2C brands.