- Companies
- NDR Warehousing
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
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
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$465M (Jul 2023)
Sectors
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
| Date | Stage | Valuation |
|---|---|---|
| Jul 2023 | Undisclosed 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2023 | Undisclosed stage | Investcorp Capital (lead) | $61M | $465M | NDR 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 2022 | Undisclosed stage | Investcorp 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialNDR 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $433M | $83M | $466M | 1.1x | ||
| Publicly listed | $1.6B | $84M | $476M | 0.8x | ||
| Publicly listed | $1.5B | $121M | $478M | 0.5x | ||
| Private | - | - | $441M | - | ||
| Private | - | $100M | $500M | - | ||
| Publicly 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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $433M | $83M | 1.1x | 1.1x | 5.7x | 6.1x | |||
| $1.6B | $84M | 0.8x | 0.8x | 15.4x | 6.6x | |||
| $1.5B | $121M | 0.5x | 0.5x | 6.2x | 5.8x | |||
| $403M | $95M | 1.6x | - | 6.8x | - | |||
| $934M | $39M | 0.5x | 0.5x | 12.0x | 12.2x | |||
| $3.8B | $279M | 0.3x | 0.3x | 4.0x | 3.8x | |||
| $314M | $66M | 1.7x | - | 8.1x | - | |||
| $2.5B | $186M | 1.0x | 1.0x | 13.3x | 7.8x | |||
This data is available for Pro users. Sign up to see all NDR Warehousing competitors and their valuation data. Start Free Trial | ||||||||
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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