NDR Warehousing Valuation, Funding & Investors

NDR Warehousing is valued at $465M as of July 2023.

Last NDR Warehousing valuation

$465M

Undisclosed stage · Jul 2023

Last NDR Warehousing funding round

$61M

Undisclosed stage · Jul 2023

Cumulative funding NDR Warehousing raised

$116M

across 2 funding rounds

Key investors in NDR Warehousing

NDR Warehousing Overview

About NDR Warehousing

NDR Warehousing is an Indian logistics provider offering warehousing infrastructure and supply chain innovations. It manages facilities in Uttar Pradesh and Delhi-NCR regions, supporting e-commerce, FMCG, and manufacturing sectors. NDR delivers storage, distribution, and tech-enabled inventory solutions for efficient operations.


Founded

1986

HQ

IndiaChennai

Status

Privately held

Customer focus

B2B

Revenue model

Services

Valuation

$465M (Jul 2023)

NDR Warehousing Valuation

NDR Warehousing is currently valued at $465M, based on its undisclosed-stage round in July 2023.

The $61M round was led by Investcorp Capital.

NDR Warehousing valuation by funding round

NDR Warehousing valuation by funding round
DateStageValuation
Jul 2023Undisclosed stage$465M

NDR Warehousing Funding History

NDR Warehousing has raised a total of $116M across 2 funding rounds.

NDR Warehousing's first fundraising round was a $55M undisclosed-stage round in February 2022. The most recent completed round was a $61M undisclosed-stage round in July 2023.

NDR Warehousing funding rounds

NDR Warehousing funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2023Undisclosed stageInvestcorp Capital (lead)$61M$465MNDR Warehousing is one of India's largest warehouse development and operating platforms, established in 1986 and based in Chennai. The company operates 18 logistics parks spread across 12 cities in India, including Mumbai, National Capital Region (NCR), Bengaluru, Coimbatore, Pune, Kolkata, and Chennai, with a diversified portfolio spanning over 16 million square feet of leasable area. The company serves major clients including Amazon, Flipkart, FedEx, Reliance Trends, Pepsi, and Godrej, with occupancy rates exceeding 95% and a weighted average lease expiry of 11.10 years. Investcorp completed a follow-on investment of INR 500 crore (approximately $60.8 million) in NDR Warehousing in July 2023, marking its second investment in the company within eighteen months following an initial $55 million investment in February 2022. The investment demonstrated Investcorp's conviction in the Indian warehousing sector and the company's robust operational performance and market leadership position. In 2024, NDR launched India's first Warehousing and Industrial Parks Infrastructure Trust (InvIT) on the National Stock Exchange. The IPO was fully subscribed with aggregate proceeds of approximately $106 million, combining a primary issue of $83 million and an offer for sale of $23 million. The trust's equity valuation at IPO completion was approximately $465 million, with Investcorp maintaining a 21% equity stake in the NDR InvIT and 20% ownership of the trust's investment manager. The shares listed at a 4% premium to the issue price and attracted participation from marquee investors including wealth funds, institutional investors, insurance firms, and family offices. NDR demonstrated strong operational growth metrics, with a leasable area of 16.96 million square feet, an occupancy rate of 96.48%, and a weighted average lease expiry of 11.10 years as of the IPO. The company plans to add 4-5 million square feet of warehousing and industrial park capacity annually and is exploring inorganic growth options and joint ventures to expand its portfolio across India.
Feb 2022Undisclosed stageInvestcorp Capital (lead)$55M-NDR Warehousing Private Limited is one of India's largest warehousing platforms, operating 18 high-quality logistics parks across eight cities including Chennai, Mumbai, National Capital Region, Bangalore, Coimbatore, and Kolkata, with a portfolio of 11.6 million square feet and over 99% occupancy as of February 2022. Investcorp led a US$55 million investment in the company on February 9, 2022, described as a structured equity investment to support aggressive national growth plans, leveraging strong execution capabilities and tenant relationships. The investment aligns with Investcorp's focus on warehousing due to its resilience and growth potential, even amid the Covid pandemic. Following the initial round, NDR expanded its portfolio to 14 million square feet across 10 cities with over 95% occupancy by mid-2023, when Investcorp made a follow-on investment of INR 500 crore (approximately $60.8 million). The company considered listing part of its assets via an Infrastructure Investment Trust (InvIT), with filings reported around that time for Rs 1,500 crore. NDR InvIT Trust, sponsored by NDR Warehousing, later listed on the National Stock Exchange through a private placement of units worth Rs 880 crore and acquired assets like a North India warehouse for Rs 143.9 crore. Investcorp highlighted NDR's market leadership and robust performance as reasons for the follow-on, anticipating strong sector tailwinds.

Who has invested in NDR Warehousing?

1 investor has backed NDR Warehousing across its funding rounds, including Investcorp Capital.

Lead investors include Investcorp Capital.


NDR Warehousing Investors

Investors in NDR Warehousing by funding rounds participated
InvestorHQRoundsRoleFirst check

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NDR Warehousing Competitors

NDR Warehousing competitors include listed companies like Tegma, Universal Logistics Holdings, Wajax and Kerry TJ Logistics, and private ones like Ocean and Tristar Transport.

Public and private companies comparable to NDR Warehousing
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TegmaBrazilBrazilPublicly listed$433M$83M$466M1.1x
Universal Logistics HoldingsUnited StatesUnited StatesPublicly listed$1.6B$84M$476M0.8x
WajaxCanadaCanadaPublicly listed$1.5B$121M$478M0.5x
OceanCanadaQuebec CityPrivate--$441M-
Tristar TransportUAEDubaiPrivate-$100M$500M-
Kerry TJ LogisticsTaiwanTaiwanPublicly listed$403M$95M$424M-

NDR Warehousing Public Comps

NDR Warehousing is still privately-owned, but its public comps include Tegma, Universal Logistics Holdings, Wajax, Kerry TJ Logistics, Radiant Logistics, PostNL, Speedy, Forward Air, Mahindra Logistics and Aquila Romania.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tegma$433M$83M1.1x1.1x5.7x6.1x
Universal Logistics Holdings$1.6B$84M0.8x0.8x15.4x6.6x
Wajax$1.5B$121M0.5x0.5x6.2x5.8x
Kerry TJ Logistics$403M$95M1.6x-6.8x-
Radiant Logistics$934M$39M0.5x0.5x12.0x12.2x
PostNL$3.8B$279M0.3x0.3x4.0x3.8x
Speedy$314M$66M1.7x-8.1x-
Forward Air$2.5B$186M1.0x1.0x13.3x7.8x

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Common questions about NDR Warehousing

When was NDR Warehousing founded?NDR Warehousing was founded in 1986.
Where is NDR Warehousing headquartered?NDR Warehousing is headquartered in Chennai, India.
Is NDR Warehousing publicly listed?No, NDR Warehousing is a private, VC-backed company.
What is NDR Warehousing's valuation?NDR Warehousing was last valued at $465M in its undisclosed-stage round in July 2023.
How much funding has NDR Warehousing raised?NDR Warehousing has raised $116M across 2 funding rounds.
What was NDR Warehousing's last funding round?NDR Warehousing's last funding round was a $61M undisclosed-stage round in July 2023, led by Investcorp Capital.
Who are NDR Warehousing's investors?NDR Warehousing's investors include Investcorp Capital.
Which companies are comparable to NDR Warehousing?Companies comparable to NDR Warehousing include Tegma, Universal Logistics Holdings, Wajax, Ocean, Tristar Transport and Kerry TJ Logistics.

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