Multiples Alternate Asset Management on Thursday said it has acquired a significant minority stake for $35 million in INSTANT-XP, a tech-enabled B2B express logistics company in India.
Founded by brothers Rajbir Singh and Jasveer Singh, INSTANT-XP operates in the express logistics sector, in both, the Full Container Load (FCL) and Less than Container Load (LCL) space.
“The logistics sector is transforming from simply moving goods to moving them faster and smarter. Customers are re-wiring their supply chain requirements to faster logistical solutions that allow them to reduce inventory and have reliable visibility on shipment,” Sridhar Sankararaman, MD, Multiples Alternate Asset Management, said in a statement.
INSTANT-XP is Multiples’ second bet in the logistics sector after Delhivery. It exited the firm in 2021.
Multiples focuses on core sectors of financial services, pharma & healthcare, consumer and technology and more recently the green economy. Some of its other bets in India include ACKO, Delhivery, Dream Sports, Encube, India Energy Exchange, Kogta Financial, Licious, Milltec, MoEngage, PVR, Quantiphi, TI Clean Mobility, Vastu Housing Finance, and Zenex.
Most recently it led Shubham Housing Development Finance’s Series F round worth $117.8 million for a significant minority stake.
