The $249 billion Ontario Teachers’ Pension Plan’s late-stage venture and growth investment arm, Teachers’ Venture Growth (TVG), contributed $80 million to the e-commerce-focused logistics business Xpressbees’ Series G round of funding.

According to a press release from the company, this funding will be used to support the management team’s future goals and drive further growth for the Xpressbees platform.

This is the first money that Ontario Teachers has invested through the TVG platform in India. Notable investors in the business, such as Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners, Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhard, and Gaja Capital, now include TVG.

For this transaction, Avendus Capital served as the only financial adviser.

The fundraising attempt takes place three months after XpressBees acquired the supply chain and logistics company Trackon. Additionally, the transaction represented the logistics startup with an emphasis on e-commerce’s first purchase since its founding in 2015. This deal was covered exclusively by Entrackr in July.

XpressBees offers supply chain solutions to heavy industries, banking institutions, e-commerce, and pharmaceutical companies. These solutions include B2B and B2C express delivery services, cross-border logistics, and warehousing services. Xpressbees offers SME & D2C brands a SaaS-based shipping aggregation platform through its subsidiary NimbusPost. It currently ships through 27 courier partners and serves over 6,000 clients.

Following a $300 million funding round in February 2021, XpressBees became a unicorn. Since August 2022, the company has processed secondary transactions totaling $65 million. Two more transactions were made by the company after it joined the unicorn club. Khazanah Nasional Berhad acquired $40 million from Elevation Capital, an early investor, in April of this year. Elevation sold Avendus Future Leaders Fund a $25 million investment in the company in August 2022.

Operating revenue for XpressBees increased by 33% in FY23 from 1,904 crore to Rs 2,531.5 crore. In the most recent fiscal year, the company declared a net loss of Rs 180.4.