Pragati Group raises $200 million from Singapore-based fund ​

The favourable aftereffects of the pandemic was a surge in demand for warehousing. (Representative image)

National Capital Region (NCR)-based industrial and logistics real estate developer Pragati Group has raised $200 million of equity capital from a Singapore-based private equity fund for the development of industrial and logistics real estate assets.

According to a statement issued by the firm, the Singapore-based fund has committed to invest $200 million with Pragati Group. The investment will be towards part of the deal involving the acquisition of two international grade operational assets of approximately 2 mn sq ft of the gross leasable area -- Pragati One and Pragati Farukhnagar Logistics Parks. This will make room for the exit of the previous financial partner Morgan Stanley.

The Pragati Group has been offering customized warehouse development solutions since 2010 to top MNCs like Amazon India, Flipkart, DHL-Bluedart, Bosch, Daikin, and more.​

“Pragati’s vision is to be one of the top five industrial and logistics real estate developers in the country by developing a portfolio spanning 30 mn sq ft across key Tier I and Tier II Indian cities. Pragati has an excellent track record of working with companies like Amazon, Flipkart, DHL, Daikin, Bosch, etc, and this capital will enable us to expand to other major cities in India,” said Jitender Yadav, founder of Pragati Group said.