SME-focused private equity firm Ambit Pragma Ventures is looking to sell its majority stake in Pune-based asset-light contract logistics company Spear Logistics, it said on Wednesday.
Spear was in talks to raise $10 million last year and had expected Ambit Pragma to provide the capital but the deal did not go through.
Ambit Pragma did not give a reason for putting the asset on the block.
The PE firm had originally invested in the company in 2009 through its Ambit Pragma Fund I. It had later increased its stake to gain a majority stake in 2012 with an additional investment.
Founded in 2001, Spear has a team of more than 1,500 employees that manages over 75 warehouses spanning 2.6 million sq. ft. It has operations in Mumbai, Pune, Hyderabad, Ahmedabad, Bangalore, Chennai, Coimbatore, Kochi, Nasik, Delhi, Kolkata among other locations.
Besides Spear, Ambit Pragma also counts frozen food logistics firm Mehta Frozen Foods Carrier. It has investments in logistics, healthcare, media and FMCG sectors.