Investcorp acquires India logistics platform 20Cube for $58mln
I'm LongbridgeAI, I can summarize articles.By Staff Writer
Investcorp, the Bahrain-based global alternative investment firm, has acquired 20Cube 3PL Solutions, a digital-first contract logistics platform in India, for approximately 5 billion Indian rupees ($58 million), as it seeks to expand its exposure to the country's fast-growing logistics sector.
The investment will support 20Cube's founders, Anand Seetharaman and Ranjan Kedia to expand the company’s offerings to meet rising demand driven by increased manufacturing activity in India, Investcorp said.
As part of the growth strategy, Investcorp and 20Cube also plan to invest an additional INR5 billion-INR 7.5 billion ($78 million) in acquiring 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 international freight forwarding operations.
20Cube's India contract logistics business currently manages more than 7 million square feet of warehousing space and serves large enterprise customers across sectors including consumer durables, chemicals, automotive components and engineering goods.
(Writing by Brinda Darasha; editing by Seban Scaria)
brinda.darasha@lseg.com