Logistics service provider Xpressbees has raised $300 million in a funding round led by global private equity funds Blackstone Growth, TPG Growth and ChrysCapital, becoming the eighth Indian startup to enter the unicorn club - entities valued in excess of $1 billion - so far this year.  

As much as $100 million was raised in primary investment, in which stocks are purchased directly from the issuer, while $200 million came through secondary transactions.

Including the fresh fundraise, the startup has so far received investments totalling $575.8 million.

The Pune-headquartered startup that works with several e-commerce firms in India has more than tripled its valuation to $1.2 billion following the new financing round, TechCrunch reported.

This is the eighth unicorn of the year after Kirana commerce platform ElasticRun, which raised $300 million in funding led by SoftBank. Other unicorns of the year include social e-commerce startup DealShare, HR tech startup Darwinbox, ed-tech firm LEAD, analytics company Fractal, Home interior and renovation platform Livspace, and mother care entity Mamaearth.

Xpressbees has a presence in more than 3,000 towns and cities in India with more than 1,000 customers across industries. Its customers include Paytm, Meesho, Lenskart, Xiaomi, NetMeds and Snapdeal. The company processes more than three million orders a day.

“We are excited to welcome our new partners Blackstone Growth, TPG Growth, and ChrysCapital in our growth journey. With their vast network and operational expertise, we believe that they will further fuel our efforts in pursuing newer opportunities and will help expand our footprint,” said Amitava Saha, founder and chief executive of Xpressbees, in a statement.

The startup, which is expecting a 70% growth in the current financial year, plans to deploy the fresh funds to become a “full-service logistics” firm, the report added.