Logistics provider Xpressbeeson Friday said that it has raised a $40 million investment from Khazanah Nasional  Berhad, the sovereign wealth fund of Malaysia. This investment will be made through a  secondary purchase from an early investor in the company.

The startup is backed by investors such as Blackstone Growth, TPG Growth, ChrysCapital, Alibaba Group,  Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital. The investment by Khazanah will be made through a secondary purchase from an early investor in the company, according to a statement.

Avendus Capital was the exclusive financial advisor on this transaction.

“We continue on our path to become a dominant end-to-end logistics player and look to leverage any strategic opportunities. Khazanah’s disciplined long-term investment approach makes the Malaysian sovereign wealth fund a perfect partner for us in this journey,” Amitava Saha, Founder and CEO Xpressbees said.

The Pune-based startup is present across 5,000 cities, serving over 20,000 pin codes. Xpressbees has over 100 hubs across India, more than three million sq. ft. of warehouse capacity, and operates across 52 airports in the country.

“We believe Xpressbees is well-poised to build one of the largest tech-led businesses as they ride on the massive ecommerce market opportunity,” added Karan Sharma, MD & Co-Head, Digital and Technology Investment Banking, Avendus Capital.