Bahrain-based alternative investment firm Investcorp said Wednesday it has acquired 20Cube 3PL Solutions, the India contract logistics business carved out of Singapore-headquartered 20Cube Logistics, for Rs 500 crore ($52.2 million).
Investcorp and 20Cube also plan to deploy another Rs 500 crore to Rs 750 crore to acquire synergistic contract logistics businesses, positioning the platform for broader consolidation across a fragmented industry, according to a press statement.
Investcorp said it will partner with the newly independent entity's founding leadership — managing director Anand Seetharaman, who co-founded the 20Cube Logistics group in 2011, and CEO Ranjan Kedia — to grow the business.
The carve-out separates 20Cube's India warehousing and distribution operations from its Singapore parent, which will continue to focus on its core international freight-forwarding business — the segment on which the group built its original reputation after Seetharaman and Mahesh Niruttan founded it in 2011.
The India unit currently operates over 7 million square feet of warehousing space serving enterprise clients across consumer durables, chemicals, automotive components and engineering goods. Looking ahead, the company aims to scale its footprint to over 20 million square feet within four to five years.
The company’s aggressive expansion plan aligns with India’s manufacturing tailwinds, including production-linked incentive schemes. Some of these government initiatives are broadening demand for factory-adjacent, bonded and inbound-logistics warehousing beyond the e-commerce leasing that dominated the sector for much of the past decade.
Grade-A industrial and warehousing leasing across major Indian cities rose sharply in the first quarter of 2026, with third-party logistics operators emerging as the single largest driver of demand.
Investcorp partner Varun Laul framed the core thesis behind the bet as a shift toward flexible, multi-client models. Laul said that, while the broader market remains anchored to fixed-space and manpower-heavy arrangements, 20Cube sets itself apart through on-demand multi-client warehousing integrated with transportation and value-added services — an approach he argued creates a more resilient business, well positioned to capitalize on expanding domestic manufacturing under the government's "Make in India" push.
For Investcorp, the deal adds a logistics operating platform to an India portfolio that already spans consumer names such as Wakefit and Safari Industries, healthcare bets including Nephroplus and ASG Eye Hospitals, and financial services investments such as InCred and Easy Home Finance — reinforcing a strategy the firm has described as backing scalable, technology-enabled businesses run by first-generation entrepreneurs.
Logistics play
The acquisition marks Investcorp’s direct entry into a sector in India it has previously accessed primarily through real estate developers and supply chain consultants. It also fits into Investcorp's broader, multi-year build-out of supply chain and logistics exposure across the country.
Gaurav Sharma, Head of India Investment Business at Investcorp, said the acquisition reflects the firm’s continued conviction in the rapidly evolving sector, where it already maintains a presence through developer NDR Warehousing and German logistics consultancy Miebach.
Investcorp first backed NDR Warehousing with a $55 million investment in February 2022, followed by a Rs 500 crore follow-on round in July 2023. NDR listed India's first warehousing and industrial parks InvIT on the National Stock Exchange in 2024 — a vehicle in which Investcorp still holds a stake, despite trimming its position through a Rs 305 crore block trade last September.
Investcorp has separately indicated that warehousing could become its largest real estate strategy in India.
On the advisory side, Investcorp's European private equity arm took a majority stake last year in Miebach, the German supply chain and logistics consultancy with a sizeable India practice.
These efforts sit within Investcorp's wider India ambitions. Its mid-market private equity team, which has deployed capital across consumer, healthcare, financial services, software and business services since 2017, has closed a roughly Rs 5,000 crore India-dedicated fund targeting around 10-11 companies.
Globally, Investcorp manages approximately $62 billion in assets across 14 offices, and has said it wants to grow its India assets under management toward $5 billion over the medium term.
20Cube's Singapore parent previously attempted to go public in the US via a merger with special-purpose acquisition company Evo Acquisition Corp in October 2022, an agreement the two sides mutually terminated in April 2023 without completing the listing.