Investcorp Reinforces Investment in NDR Warehousing with INR 500 Crore Funding
- ByStartupStory | July 4, 2023
Investcorp, a global investment manager specializing in alternative investments, announced that it has followed up an investment of ₹ 500 crore (approx. USD 60.8 million) in Chennai-based NDR Warehousing (NDR), one of India’s largest warehouse development and operations environments. It arose after Investcorp led a $55 million investment round in NDR Warehousing last year. NDR’s well-diversified asset portfolio consists of warehouses located in 10 cities across India, including Chennai, Mumbai, National Capital Region (NCR), Bangalore, Pune, Coimbatore and Kolkata. NDR has more than 14 million square feet of operating assets with a combined occupancy of more than 95 percent and approximately 5 million square feet under construction/proposal, so NDR is considering adding part of its inventory portfolio as InvIT (infrastructure).
Investcorp India Partner and Head of Real Estate Ritesh Vohra claimed that their second investment in NDR in 18 months is a testament to NDR’s market leadership and strong performance and Investcorp’s belief in the Indian storage space. “We look forward to strong tailwinds and a long runway. before the industry and pending InvIT- By listing, we expect NDR to be well positioned to take advantage of these market dynamics.” -The head said.
Investcorp’s India Real Estate team invests in real estate projects located in major cities across the country. To date, the company has spent more than $350 million in storage, housing and education-related sectors, with a broad focus on social infrastructure. Investcorp also operates in the mid-market private equity sector in India and has invested in consumer technology, healthcare, financial services, retail, SaaS, e-commerce and technology. Its investments in the last four years include Intergrow Brands, Freshtohome, Zolo Stays, InCred Finance, Citykart, Wakefit, InsuranceDekho, NephroPlus, Unilog and XpressBees.
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