Malaysia's sovereign wealth fund Khazanah Nasional has become a part of a group of distinguished investors in e-commerce-focused logistics firm Xpressbees after it picked up about a 3% stake in the company through a secondary purchase from its early investor Elevation Capital.

The 3% stake buy-in scores a $40 million secondary investment into Xpressbees, which has to date raised more than $600 million. It achieved unicorn status with a $1.1 billion valuation in February 2022, after it raised $300 million in primary capital in a round led by Blackstone, TPG and ChrysCapital.

Per a news report, the new round now values the third-party end-to-end logistics provider company at around $1.3-1.4 billion after it reportedly facilitated the new funding round at a 25-35% premium.

This is the second secondary liquidity event for XpressBees facilitated by Elevation Capital within a year. The investment company had previously sold a $25 million worth stake in the XpressBees to Avendus Future Leaders Fund via a secondary transaction in August 2022. This recent sale brings Elevation's stake in the 3PL startup further down to 2%.

XpressBees started its journey as the logistics arm of FirstCry and later relaunched as a separate entity in 2015. It offers a range of supply chain solutions to over 20,000 e-commerce businesses, such as express delivery services for both B2B and B2C customers, cross-border logistics, and warehousing services.

Some of its clients include Snapdeal, Myntra, Meesho, Netmeds, and Bigbasket. With over 100 hubs across India, it competes with Delhivery and Flipkart-backed Shadowfax in the Indian logistics market.