Investcorp, a global investment manager specialising in alternative investments, has made a follow-on investment of Rs 500 crore (approximately $60.8 million) in NDR Warehousing, one of India’s largest warehouse development and operating platforms.
This comes after Investcorp led a $55-million investment round in the company last year.
NDR’s asset portfolio comprises warehouses spread across 10 cities in India, including Chennai, Mumbai, the National Capital Region (NCR), Bangalore, Pune, Coimbatore and Kolkata.
With over 14 million square feet of operational assets that have an aggregate occupancy rate of over 95% around 5 million square feet under construction/proposed development, NDR is considering listing part of its warehousing portfolio as an Infrastructure Trust (InvIT).
“We anticipate strong tailwinds and a long runway ahead for the sector, and with an InvIT listing under evaluation, we expect NDR will be well positioned to capitalise on these market dynamics,” said Ritesh Vohra, Partner and Head of Real Estate at Investcorp India in a statement.
Warehousing remains a high-conviction investment theme for Investcorp globally. So far, the firm has deployed over $350 million across the warehousing, residential, and education-related sectors broadly with a social infrastructure focus.
Investcorp is also active in the mid-market private equity space in India and has invested across the consumer tech, healthcare, financial services, retail, SaaS, e-commerce, and technology sectors.
Its investments over the last four years include Intergrow Brands, Freshtohome, Zolo Stays, InCred Finance, Citykart, Wakefit, InsuranceDekho, NephroPlus, Unilog, and XpressBees.