Spark Capital (“Spark”) advised Vertex Ventures and Millena Capital (the Fund, advised by MegaDelta Capital) on the sale of their stake in Busybees Logistics Solutions Pvt. Ltd. (“XpressBees”). The transaction saw participation from new investors - Investcorp, Norwest and Gaja.
Commenting on the successful completion of the transaction:
Ben Mathias, Managing Partner at Vertex Ventures said “We thank the Spark Capital team for getting us an exit in these unprecedented times. Spark Capital’s understanding of the Tech-Logistics sector and their deep relationships with global funds helped us complete the transaction. Spark Capital did a commendable job in creating the investment thesis and positioning the business effectively in a tough market scenario”
Tarun Sharma, Managing Partner at MegaDelta Capital said, “We appreciate Spark Capital’s untiring efforts in these challenging conditions in creating an attractive exit opportunity for the Fund. They sharply leveraged their investor network and industry knowledge resulting in a positive outcome for the fund as well as the company.”
Gaurav Sharma, Head, Private Equity, Investcorp India said, “We believe XpressBees is very uniquely placed in the high growth tech enabled logistics sector and the team at Spark Capital brought to bear their deep sectoral understanding to catalyse the transaction.”
K. Ganesh, Director & Head – Consumer & Digital Technology, Spark Capital said, “XpressBees is a high-quality franchise led by an astute leadership team that has built a rapidly growing and one of the most efficiently run Ecom logistics companies in the country. The completion of this transaction in a tough environment is testament to XpressBees’ unique value proposition.”
With this deal, Spark has syndicated ~USD 260Mn this year and closed its third deal in the Technology/Tech-enabled sector in the last 3 months. This transaction also reinforces our deep global relationships with investors looking to invest in this sector and demonstrates our ability to architect transactions with great value propositions for our clients.