GVFL Limited on Tuesday announced an investment of Rs. 40 crore in Mumbai-based integrated cold-chain operator Schedulers Logistics India Pvt Ltd under GVFL’s Golden Gujarat Growth Fund. The transaction marks the second round of growth financing for GVFL’s first exposure in the logistics sector.
Schedulers Logistics operates a fleet of reefer vehicles and temperature-controlled warehouses across the country. Started in 2013 with a fleet of 33 reefer vehicles, Schedulers operates 200 reefer trucks and manages 13,000 tonnes of temperature-controlled warehousing space. Arvind Gangoly, co-founder and CEO, Schedulers, said, “This investment reflects GVFL’s confidence in building serious infrastructure to support food, fresh produce and pharma products in India.” According to the National Centre for Cold-chain Development, there is a requirement for 62,000 reefer vehicles compared with the existing capacity of 9,000.