Global alternative investment firm Investcorp has acquired 20Cube 3PL Solutions, a digital-first contract logistics platform in India, for approximately ₹500 crore, as it looks to capitalise on the country’s expanding manufacturing and logistics ecosystem.
Investcorp will back 20Cube’s existing founding team, Anand Seetharaman and Ranjan Kedia, to accelerate the company’s next phase of growth and expand its service offerings.
As part of the transaction, 20Cube and Investcorp plan to invest an additional ₹500-750 crore to acquire synergistic contract logistics businesses, potentially accelerating consolidation in India’s fragmented logistics market.
The investment marks Investcorp’s continued focus on India’s logistics and technology sectors and its strategy of backing businesses with scalable operating models and strong management teams.
20Cube targets 20 million sq ft warehouse network
The transaction involves the carve-out of the India contract logistics business from Singapore-headquartered 20Cube Logistics, which will continue to focus on its international freight forwarding business.
20Cube’s India contract logistics operations currently manage more than 7 million sq ft of warehousing space, serving large enterprise customers across consumer durables, chemicals, automotive components and engineering goods.
The company plans to expand its warehousing footprint to more than 20 million sq ft over the next four to five years.
Investcorp Head of India Investment Business, Gaurav Sharma, said, “We are pleased to announce the acquisition of 20Cube, in partnership with the founders Anand and Ranjan, as the company embarks on its next phase of growth.”
He said the investment reflects Investcorp’s conviction in India’s rapidly evolving contract logistics sector, where it already has exposure through NDR Warehousing and Miebach Consulting.
“As India’s supply chains continue to modernize, we look forward to working closely with 20Cube’s leadership to scale a technology-enabled logistics platform that creates lasting value for customers, employees, and stakeholders,” Sharma added.
Technology-enabled logistics model
20Cube has developed a customer-centric, digitally enabled contract logistics platform focused on scalable and efficient supply-chain solutions.
20Cube 3PL Solutions Managing Director Anand Seetharaman said the investment marks a defining milestone in the company’s growth journey.
“With Investcorp’s global institutional backing and deep sector expertise, we are well positioned to accelerate our technology capabilities, expand our pan-India network, and deliver enhanced value across India’s rapidly modernizing logistics ecosystem,” he said.
20Cube 3PL Solutions Chief Executive Officer Ranjan Kedia, said the existing management team would remain at the helm, providing customers with continuity as the company enters its next phase of expansion.
“With our existing management team firmly at the helm, we offer our clients seamless continuity, operational rigor, and an unwavering commitment to service excellence,” Kedia added.
Manufacturing activity to drive demand
Investcorp expects 20Cube to benefit from increasing manufacturing activity in India, particularly across sectors such as consumer durables, automotive components, chemicals and engineering goods.
Investcorp Partner Varun Laul said 20Cube differentiates itself through an on-demand, multi-client warehousing model that integrates transportation and other value-added services.
“In a market largely driven by fixed-space, manpower-based contracts, 20Cube differentiates itself with on-demand multi-client warehousing that seamlessly integrates transportation and other value-added services,” Laul said.
According to Laul, the model provides greater value to customers while creating a more resilient business. He added that the company’s sector exposure positions it to benefit from manufacturing growth under the Make in India programme.
Investcorp deepens India logistics exposure
Investcorp’s India investment strategy focuses on growth-stage businesses across consumer, healthcare, financial services, software and business services, with an emphasis on companies using technology to drive scale and operational efficiency.
Its India portfolio includes investments across logistics, financial services, healthcare, consumer and technology businesses, including NDR Warehousing, Xpressbees, Wakefit, Safari Industries, InCred, NephroPlus, Zolo and InsuranceDekho.
The 20Cube transaction further strengthens Investcorp’s exposure to India’s logistics ecosystem as supply chains evolve in response to manufacturing expansion, organised warehousing and increasing demand for technology-enabled logistics solutions.
Ernst & Young LLP acted as financial and tax advisor and Anagram Partners as legal counsel to Investcorp. IndigoEdge served as financial advisor to 20Cube.