Investcorp, a global alternative investment firm, on Wednesday announced that it has acquired 20Cube 3PL Solutions (“20Cube”), a leading digital-first contract logistics platform in India, for approximately Rs 500 crore. Through this investment, Investcorp will back the current founding team of Anand Seetharaman and Ranjan Kedia to accelerate 20Cube's next phase of growth by expanding its service offerings to cater to the growing demand from the rising manufacturing activity in India. In addition, 20Cube and Investcorp will seek to invest another INR 500-750 crore to acquire synergistic contract logistics businesses.
The transaction involves the carve-out of the India contract logistics business from Singapore-headquartered 20Cube Logistics, which will continue to focus on its core business of international freight forwarding. The India contract logistics business currently operates over 7 million square feet of warehousing space, serving large enterprise customers across the consumer durables, chemicals, automotive components and engineering goods sectors. It plans to scale to over 20 million square feet of warehousing space over the next four to five years.
