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Pragati Group, a real estate developer focused on warehousing and logistics facilities in India, has raised $200 million in a funding round led by Singapore-based sovereign wealth fund GIC. The funding will be used to expand Pragati's warehousing portfolio across key markets in India, including Delhi-NCR, Mumbai, Pune, Chennai, and Bangalore.
Pragati Group has over 10 million square feet of warehousing space under its management and plans to increase this to 30 million square feet over the next few years. The company aims to capitalize on the growing demand for warehousing facilities due to the increasing adoption of e-commerce and organized retail in India. Since its founding in 2010 Pragati has provided specialised warehouse development solutions to leading MNCs including Amazon India, Flipkart, DHL-Bluedart, Bosch, Daikin and many others.
In accordance with the terms of the agreement reached in Q3 FY 2022 the Singapore-based fund has agreed to invest $200 million with Pragati Group in the development of industrial and logistics real estate assets. Pragati One & Pragati Farukhnagar Logistics Parks, 2 international grade operational properties with a combined GLA of around 2 million square feet were purchased as part of the deal enabling the successful exit of the former financial partner Morgan Stanley. This fund also received an equity investment in Pragati as part of the agreement.
The mission of Pragati Warehousing, as stated on its website, is to provide "innovative, integrated and efficient logistics solutions to our customers" by leveraging cutting-edge technology and industry best practices. The company aims to be a leading player in the Indian logistics industry and to contribute to the growth and development of the sector.
Pragati Group plans to capitalize on the growing demand for warehousing facilities due to the increasing adoption of e-commerce and organized retail in India. Additionally, the company aims to maintain the highest standards of quality, sustainability, and customer satisfaction in all its logistics infrastructure solutions.
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