Crystal Logistic Receives First Round of Funding From Neev Fund
KOLKATA, March 27, 2017 /PRNewswire/ --
Kolkata-based complete cold logistics and supply chain service provider, Crystal Logistic Cool Chain Ltd. has received their first round of private equity funding of USD 10 million (approximately INR 66 crore) with minority stake of USD 10 million (approximately INR 66 crore) from a private equity firm, the Neev Fund. The funds will be used in expanding the company's infrastructure and warehousing capacity by building sophisticated cold chain distribution hubs across India.
Neev Fund, is backed by India's largest lender, State Bank of India, has struck its second deal this year in a cold chain logistics service provider.
"The cold storage market in India is highly fragmented with over 3,500 players in the unorganized sector and less than 50 in the organized sector. Crystal Logistic is the only company in the country to provide a complete range of services in the cold chain logistics industry and this sector is expected to grow at a CAGR of over 15 percent by 2020. There is an opportunity for us to take the leadership position in this vertical," said Mr. Murari Lal Agarwal, Chairman, Crystal Logistic Cool Chain Ltd.
The cold storage growth in the organised retail is based on the uptake in the fast food, food processing sector. The key growth drivers include growth in organized retail and food services industry, government initiatives and rising demand for processed and frozen food. In India 95 percent of the total cold storage is with the private players and is a major revenue contributor for the Indian Cold Chain industry.
"This industry is poised to grow exponentially in the next decade and we are poised to make a transformational impact ready to ride this growth," said Mr. Akash Agarwal, CEO, Crystal Logistic Cool Chain Ltd.
A cold chain logistics and supply chain provider, Crystal group is one of the leading service providers in the integrated cold chain logistics solution space. Always on the cusp of innovation, Crystal Logistics' logistics service portfolio includes end-to-end temperature controlled logistics solutions comprising third-party logistics (3PL), refrigerated and dry primary and secondary transportation, refrigerated warehousing and value-added services on a pan India network. The company's clients include Amul, Creambell, KFC, Pizza Hut, ITC, Britannia and Mother Dairy, among others.
"We see Crystal Logistics in the right space of growth especially with huge potential in the cold chain industry. This is our second investment in the country and first in this sector. Our investments are initiated after due diligence," said Mr. Murari Lal Agarwal, Neev Fund.
About Crystal Logistics Cool Chain Ltd.
A complete logistics and supply chain provider, Crystal Group is one of the largest and fastest growing service providers in the integrated cold chain logistics solution space. They provide services such as refrigerated warehousing (cold storages), refrigerated transportation on a pan India network. Always on the cusp of innovation, Crystal also provides solutions such as Express Refrigerated Transportation for LTL (Less Than Truck Load) consignments and Portable cold storage.
For more information, please visit http://www.crystalgroup.in/
Media Contact:
Rajiv Lodha
[email protected]
+91-9831362041
Launcherz
Share this article