Investcorp Injects Rs 500 Crore in Follow-On Investment into NDR Warehousing

Investcorp, a global investment manager, has announced a follow-on investment of Rs 500 crore in NDR Warehousing, a prominent warehouse development and operating platform in India. This fresh funding comes more than a year after Investcorp led a $55 million investment round in NDR in February 2022. The investment also follows reports that NDR has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise approximately Rs 1,500 crore through an infrastructure investment trust (InvIT).

Investcorp's decision to make a second investment in NDR within 18 months highlights NDR's market leadership and strong performance, as well as Investcorp's confidence in the Indian warehousing sector. The company anticipates favorable market conditions and growth opportunities for the sector. With the evaluation of an InvIT listing, NDR is expected to be well-positioned to capitalize on these dynamics.

NDR's asset portfolio encompasses warehouses across 10 cities in India, including Chennai, Mumbai, Delhi-NCR, Bangalore, Pune, Coimbatore, and Kolkata. The company currently operates assets totaling 14 million square feet with an aggregate occupancy rate of over 95 percent.

Investcorp expresses its commitment to the warehousing sector, considering it a high conviction investment theme globally. The firm aims to strengthen its partnership with NDR and develop a well-diversified warehousing platform in India. Investcorp's India Real Estate team focuses on investing in real estate projects in top-tier cities across the country. With a social infrastructure focus, the team has deployed over $350 million in the warehousing, residential, and education-related sectors.

In addition to its real estate ventures, Investcorp is active in the mid-market private equity space in India. The firm has invested in various sectors, including consumer tech, healthcare, financial services, retail, SaaS, e-commerce, and technology. Notable entities in which Investcorp has invested over the past four years include Intergrow Brands, Freshtohome, Zolo Stays, InCred Finance, Citykart, Wakefit, InsuranceDekho, NephroPlus, Unilog, and XpressBees.