The logistics company Xpressbees announced that Malaysia's sovereign wealth fund, Khazanah Nasional Berhad, had invested $40 million in it. Through a secondary acquisition from a company's early investor, this investment will be made.

Blackstone Growth, TPG Growth, ChrysCapital, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners, and Gaja Capital are just a few of the investors who have backed the firm. Khazanah will purchase the investment from a company's early investor in a secondary transaction. The sole financial advisor on this transaction was Avendus Capital.

"We keep moving forward on our road to becoming a leading player in end-to-end logistics and strive to take advantage of any strategic opportunities. The Malaysian sovereign wealth fund, Khazanah, is the ideal partner for us on this journey because of its rigorous long-term investment strategy, according to Amitava Saha, founder and CEO of Xpressbees.

The Pune-based business serves more than 20,000 pin codes and is available in 5,000 cities. With over three million square feet of warehouse space and operations at 52 airports around India, Xpressbees has over 100 hubs.

As they capitalise on the enormous ecommerce market opportunity, "we believe Xpressbees is well-poised to build one of the largest tech-led businesses," continued Karan Sharma, MD & Co-Head, Digital and Technology Investment Banking, Avendus Capital.