India's Future Supply Chain seeks PE funding
Indian logistics provider Future Supply Chains is seeking a second round of private equity funding in order to diversify its business into consumer-driven sectors.
The company is part of the Future Group, which runs the country's top retailer Pantaloon Retail among other businesses. In 2009, Future Supply Chains received $30 million from Fung Capital, the private equity arm of Hong Kong-based supply chain giant Li & Fung Group.
Future Supply Chains hopes to finalize private equity funding this quarter. It plans to use INR4 billion ($77 million) of the capital raised to expand its warehouse capacity, targeting the consumer goods, autos and pharmaceuticals industries, as well as the burgeoning e-commerce market.
"Retail industry's expansion plans in the past 1-2 years have been witnessing a scale-down," chief executive Anshuman Singh told Reuters. "So we identified drivers of growth in the consumer-driven sectors instead of focusing just on retail."
Future Supply Chains operates from 60 strategically located hubs, servicing more than 2,600 retail outlets across the country. It currently earns most of its revenue by providing services to affiliated companies including the Big Bazaar hypermarket chain.
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