For establishing one of the largest cold-chain logistics companies in India out of a tier II town: Gwalior. Very understated, he has built a reliable network across 55 cities in India.
Swastik Roadlines Pvt Ltd, Gwalior based food cargo supply chain service provider, has raised USD 10 mn from India Equity Partners by diluting a significant minority stake. This is the first round of institutional investment in the company, while subsequent rounds of funding are being planned.
Swastik operates under the brand name 'Coldex' with a fungible fleet that is expected to cross 500 vehicles shortly. It offers pan-India solutions in both long haul (primary) movement of temperature sensitive cargo as well as intra-city secondary distribution in over 55 cities. It also offers surface transportation for specialised dry cargo. Gaurav Jain, Managing Director, Swastik Roadlines Pvt Ltd, said: "We will use the capital to strengthen our cold chain capabilities and to develop best-in-class systems that will help in maintaining the company's growth trajectory."
KK Iyer, Managing Director, India Equity Partners, said they backed Swastik because of its "unique positioning underpinned by the strong Indian consumer growth story". He added that the cheap replica watches fund will work with the company both at an operating and board level to help them build as a market leader for cold chain services in India. "We will bring our considerable operational experience in facilitating the implementation of management systems and human resource planning as a backbone to Swastik's exciting growth plans," he said.