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George Soros-backed Aspada invests in Schedulers Logistics

Move to open up market access to underserved locations

Raghuvir Badrinath  |  Bangalore 

Aspada Investment Company, the Bangalore-based impact equity fund backed by globally renowned George Soros, has made a commitment of over $2 million to Schedulers Logistics, an integrated cold-chain trucking operator that provides end-to-end cold storage and secondary distribution for India’s fresh fruit & vegetable, food processing, and pharmaceutical industries.

“We are thrilled to be working with the Aspada team given their significant experience in investing in India’s supply chain and agricultural logistics sectors. Aspada’s investment will allow us to increase our presence in underserved regions such as the Eastern and North-Eastern states,” said Colonel Arvind Gangoly, CEO of Schedulers Logistics.

“We will continue to increase our fleet of part-truck-load and secondary distribution vehicles in order to connect small manufacturers with major major market hubs. We are one of the few players operating in Tier II & III towns in India that can offer temperature controlled loads as small as 500 kg. With the investment from Aspada, we will continue to build on this significantly large and underserved market opportunity,” said Akshay Sharma, co- founder of Schedulers Logistics

“We believe that the cold chain market in India will grow at a brisk pace over the next five to eight years and offer opportunities for consolidation and professionalisation in what is a highly unorganised space. We are excited to partner with the Schedulers team in their journey to build a large organisation that will have high impact on food and pharmaceutical supply chains in India,”said Tom Hyland, Partner of Aspada Investment Advisors.

The Aspada Investment Company is a holding company backed with a significant commitment from the Soros Economic Development Fund (SEDF).

In April 2013, Aspada announced an investment in end-to-end fresh vegetable supply chain company - Lawrencedale Agri Processing, which aggregates produce and sells to retail consumers in major markets under the LEAF brand. In January 2014, Aspada announced an investment in ThinkLink Supply Chain Services, a provider of turnkey project management, design, skill development and staffing services in India's logistics and supply chain sectors. In March 2014, Aspada made an investment in NeoGrowth Credit, a merchant cash advance business that provides loans to small merchants in India.

In addition, Aspada also oversees the portfolio of the SONG Fund, an early stage venture capital firm funded by the Soros Economic Development Fund, Omidyar Network and Google.

First Published: Sun, June 08 2014. 20:44 IST