Blackstone to Invest in Xpressbees, India’s Fastest Growing Express Logistics Company
Mumbai, February 9, 2022 – Blackstone (NYSE:BX) today announced that funds managed by Blackstone Growth (“BXG”) have agreed to lead a $300 million investment in Xpressbees, India’s fastest growing third-party logistics company. The firm will be joined by TPG Capital, ChrysCapital and existing investors Norwest Venture Partners and Investcorp. This transaction marks BXG’s first investment in Asia.
Xpressbees is an end-to-end logistics services provider established in 2015. It has rapidly emerged as one of India’s largest express logistics companies with a diverse network of more than 2,700 service centers, serving 450 e-commerce customers.
Jon Korngold, Global Co-Head of Technology Investing and Head of Blackstone Growth, said: “We are excited to make our first investment under the Blackstone Growth strategy in Asia. BXG is backed by the power and scale of Blackstone’s world-class platform and builds growth companies into global leaders. We look forward to partnering with Xpressbees, providing access to our deep expertise and our global network of operating professionals to support the next chapter in the company’s development.”
Mukesh Mehta, a Senior Managing Director in Blackstone Private Equity, based in India, said: “Amitava Saha has done a phenomenal job of transforming Xpressbees from an up-and-coming startup into one of the top logistics businesses in India today. Xpressbees is playing an important role in India’s booming e-commerce sector, which is still at an early stage and has a long runway of development. We are excited to build our partnerships with innovative entrepreneurs like Amitava in India and Asia in the years to come.”
Founder and Chief Executive Officer of Xpressbees, Amitava Saha, said: “We are thrilled to partner with Blackstone, one of the leading investors in India. With their vast network, operational expertise and experiences investing in logistics and technology-oriented firms, we believe that they can help Xpressbees pursue new opportunities and expand our footprint.”
Blackstone is one of the leading investors in India with a total market value of $60 billion of assets. It owns one of the largest logistics portfolios in the country and has made marquee investments in businesses that are transforming the digital economy including Simplilearn, India’s leading online learning platform; Sona Comstar, one of the country’s top electric vehicle automotive components manufacturers; and VFS Global, a global market leader in visa outsourcing services.
Blackstone is the world’s largest alternative investment firm. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $881 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
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