Ontario Teachers venture arm invests $80 million in Xpressbees

Teachers’ Venture Growth (TVG), the venture arm of Canada's Ontario Teachers’ Pension Plan, has invested $80 million in ecommerce-focused third-party logistics firm Xpressbees.TVG has invested in Xpressbees through a mix of primary and secondary deals, people aware of the matter said. “The majority of the funding is primary but there is a smaller secondary component as well, including an Esop buyback,” said a person aware of the matter. Pune-based Xpressbees has raised the primary capital, issuing fresh shares to TVG, at a valuation of around $1.5 billion, people in the know added. Xpressbees chief executive Amitava Saha did not provide the breakup of the primary and secondary funding, but confirmed the buyback of shares issued under the employee stock option plan (Esop). “We are conducting an Esop buyback as part of this financing, which would create liquidity for staffers who have been with us for over three years,” Saha said.

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