Third-party logistics provider Xpressbees has raised $40 million from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. According to two people with knowledge of the deal, Elevation Capital has sold 4% stake in the company to Khazanah, valuing the new-age logistics provider at $1.2 billion pre-money. “There is a huge opportunity for tech-led disruption in logistics. We have established a leading brand but are still early in our growth story. Khazanah’s disciplined long-term investment approach makes the Malaysian sovereign wealth fund a perfect partner for us in this journey," said Amitava Saha, Founder & CEO Xpressbees. The company today is present across 5,000 cities, serving over 20,000 pin codes, and delivers over 2 million packages per day, the release said. Source -https://www.livemint.com/companies/start-ups/xpressbees-raises-40-million-from-khazanah-nasional-berhad-11682652990503.html