Everstone acquires stake in India’s Transpole
Everstone Capital has invested INR2.2 billion ($41 million) to acquire a significant minority stake in Transpole Logistics, one of the leading freight forwarders in India. The company will use to proceeds to expand overseas operations in China, Malaysia, Singapore and South Korea.
According to The Business Standard, the investment has faciliated a partial exit by Fidelity Growth Partners, which invested INR600 million in Transpole two years ago.
"The company is led by a highly entrepreneurial team and is at a very promising phase," said Dhanpal Jhaveri, CEO at Everstone Capital. "We like the sector and are confident that we will be able to scale up Transpole's business in India and overseas."
Founded in 2004 and headquartered in New Delhi, Transpole offers logistics services covering freight forwarding, transportation, customs clearance, project logistics, warehousing and distribution.
In January 2012, Mayfield India Fund exited Fourcee Infrastructure Equipment as General Atlantic invested $104 million in the logistics company. Mayfield reportedly achieved a money multiple of around 10x on its investment. India Equity Partners retains a stake in the company.
This transaction was followed by KKR investing $47 million in TVS Logistics, a Goldman Sachs-backed Indian supply chain manager that services the auto, distribution, electronics and component manufacturing industries.
In June 2011, Warburg Pincus also made its second investment in Indian warehouse manager Continental Warehousing (Nhava Seva). In the same month, IL&FS invested $8.9 million in agri-warehousing firm JICS Logistic, its fourth investment in India's logistics and warehousing space in five years.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.