Investcorp buys 20Cube in major logistics push

Arabian Post Staff -Dubai

Investcorp has acquired 20Cube 3PL Solutions for about ₹500 crore, strengthening the Bahrain-based alternative investment firm’s position in India’s expanding contract logistics market.
The transaction gives Investcorp control of 20Cube’s domestic contract logistics operations while its founders, Anand Seetharaman and Ranjan Kedia, will continue to lead the business. The partnership plans to expand the company’s warehousing network, broaden its services and pursue acquisitions as manufacturers increasingly outsource supply-chain operations.

Investcorp and 20Cube are also considering deploying a further ₹500 crore to ₹750 crore to acquire complementary logistics businesses. The proposed expansion would create a larger nationwide contract logistics platform and accelerate consolidation in an industry where organised operators are gaining business from smaller, fragmented providers.

The investment involves the separation of 20Cube’s India-focused contract logistics operation from the wider Singapore-headquartered 20Cube Logistics group. The parent business will continue concentrating on international freight forwarding and related services, while the acquired operation focuses on warehousing, distribution and integrated supply-chain management.

20Cube has built its model around technology-supported logistics, combining physical warehousing with digital tools that provide customers with inventory visibility, shipment tracking, documentation and exception management. Its broader network operates across 12 countries, with more than 85 locations and over 60 warehouses.

The company’s operations serve customers across manufacturing, engineering, automotive components, chemicals, consumer durables and other sectors requiring integrated storage and distribution. The domestic logistics business manages more than seven million square feet of warehousing space and is expected to expand substantially under Investcorp’s ownership.

Management is targeting a warehousing footprint exceeding 20 million square feet over the next four to five years. Achieving that scale would require a combination of new facilities, customer additions and acquisitions, making the planned follow-on investment an important part of the expansion strategy.

The deal reflects growing investor interest in contract logistics as manufacturing companies seek more sophisticated supply chains. Greater use of outsourced warehousing, inventory management and distribution is increasing the role of third-party logistics companies, particularly among businesses seeking to avoid large investments in their own logistics infrastructure.

Third-party logistics providers have become some of the largest occupiers of modern warehousing space across major industrial and consumption centres. Demand has been supported by manufacturing expansion, e-commerce, organised retail and companies seeking faster deliveries while maintaining tighter control over inventory.

Technology is also becoming an important competitive factor. Larger logistics providers are investing in warehouse management systems, automated processes, predictive analytics and real-time tracking as customers seek greater visibility from factory gate to final delivery.

For Investcorp, the acquisition extends a strategy that has already given the firm significant exposure to logistics and warehousing. It previously invested in e-commerce logistics company XpressBees and has backed NDR Warehousing, one of the country’s major warehousing platforms.

Investcorp led a $55 million investment in NDR in 2022 and followed it with another ₹500 crore investment in 2023. Part of NDR’s portfolio was subsequently listed through an infrastructure investment trust, providing Investcorp with exposure to institutional-grade logistics properties across several cities.

The alternative asset manager has deployed roughly $500 million across about 18 private-equity investments in India since 2017. Its investment strategy has concentrated on growth-stage businesses in consumer services, healthcare, financial services, software and business services, with preference given to companies using technology to increase scale and operating efficiency.

Globally, Investcorp managed about $62 billion of assets at the end of December 2025, spanning private equity, real estate and other alternative investments. India has become an increasingly important market within that portfolio, with the firm previously outlining plans to lift assets under management in the country to about $5 billion over the medium term.

The 20Cube transaction differs from a conventional warehousing-property investment because it gives Investcorp exposure to the operating side of logistics. Contract logistics providers earn revenue by managing storage, distribution, transportation and related supply-chain functions for customers, tying growth more directly to manufacturing volumes and outsourcing demand.