Malaysian sovereign fund Khazanah bets on Xpressbees

Pune-based Xpressbees has raised $40 million (Rs 3.2 billion) from Ma­laysia’s sovereign wealth fund, KhazanahNasionalBerhad. This investment will be made through a secondary purchase from Elevation Capital, an early investor in the company, which will continue to hold 2.7 per cent. The logistics firm has facilitated the funding round at a valuation of $1.3 billion-$1.4 billion with a 25-35 per cent premium.