Private equity firm Neev Fund, which 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, a person familiar with the development has told VCCircle.
Neev Fund, which was launched in 2015, is focused on investing in infrastructure sectors such as renewable energy, road, agricultural supply chain (warehouses and cold storages), urban infrastructure (water and sanitation as well as waste management), healthcare and education.
UK Government’s Department for International Development also backs the private equity firm, which is registered with the Securities Exchange Board of India (SEBI), as a Category I Alternative Investment Fund- Infrastructure Fund.
In its latest transaction, Neev Fund has invested in integrated cold chain logistics service provider Crystal Logistic Cool Chain Ltd, said the person cited above. However, the person did not disclose the investment amount.
A spokesperson of Crystal Logistic, which is promoted by Murari Lal Agarwal, acknowledged the development and said the funding will help in expanding the company's infrastructure and warehousing capacity by building sophisticated cold chain distribution hubs across India.
"The cold chain industry is poised to grow exponentially in the next decade and Crystal is poised to make a transformational impact," the spokesperson added without revealing the financial details.
Investment banking firms Brightlink Partners and Intellivate Capital were advisors to the transaction.