Siesta Logistics Corporation Limited, a leading Integrated Logistics Service Provider and a part of the diversified Siesta Group, today announced that it had raised $10 million in private equity from Ashmore Alchemy India, a joint venture between Alchemy Partners LLP and Ashmore Investments (UK).
Siesta Logistics began its operation in 2007 and is India’s only truly Integrated Logistics Service Provider with the capability to serve clients with a portfolio of customized solutions in the areas of transportation, freight forwarding, port and cargo services, Odd Dimension Cargo, Freight Forwarding, Customer House Agent, Warehouse Management Services, STPI and related services, 4PL and Consulting services. A professional, knowledge-rich enterprise, SLCL delivers customised solutions to create value and offer expertise-based consultancy services across the supply chain requirements of its customers.
Headquartered in Bangalore, Siesta Logistics Corporation Limited has a wide network that sprawls over almost all major cities of India and is supported by 20 global agents. The company has a strong network of transport branches and nearly 10 freight and customs outlets supported by 20 nominated agents effectively covering Asia, Australia, Hong Kong, Europe, South America and North America. In addition, the company is also a part of Global Logistics Network which has 375 members, offices in 382 cities and network in 132 countries across the globe. SLCL has successfully built a strong network of clients over the years. This includes Schneider Electric, Airbus, Fujitsu, ITC, UB Group, SBQ Steel, Philips, Parle Agro, Lakhani, Lilliput, Videocon, Shiv-Vani Oil, Thermax Industries, Everest Industries, Jubilant Organosys among others.
Commenting on the investment, Mr. Ashok Chattaraj, Chairman and Managing Director, Siesta Group said, “Siesta Logistics has charted an aggressive growth path since its inception and we are today one of the key players in India’s rapidly evolving logistics industry. The sustained growth in Indian industry, from manufacturing and retail to farming and technology, is creating an increasing need for seamless logistics solutions. Siesta Logistics seeks to invest in the development of India’s emergence as an economic powerhouse. The investment by Ashmore Alchemy will enable us to expand our reach and service portfolio and leverage the growth opportunity in the Indian logistics industry.”
Mr. Kiran Salunke, Managing Director, Siesta Logistics Corporation Limited said, “The minority stake investment by Ashmore Alchemy will be utilized to increase our global reach and service capabilities across the global logistics hub. Siesta Logistics is committed to building an enterprise that delivers comprehensive logistics solutions that meet our customer’s evolving needs. All our investments are aimed at scaling-up our operations and boosting our capabilities to deliver flawless and efficient solutions to our customers.”
The Siesta Group is a diversified business conglomerate with interests in Hospitality, Fine dining, Retail, Agri Business and Logistics. Founded in 2006 on the principles of delivering value propositions by leveraging innovative business models, the group’s hospitality business-Siesta Hospitality Services Limited (SHSL) is today recognised as a pioneer of ‘managed corporate residences’ in India with presence in 22 cities.. Currently, the group has over 900 employees across the country and operations spanning 7 countries including UK, Australia, China, Singapore, Hong Kong and Indonesia.
In addition to Siesta Logistics Corporation Limited, The Siesta Group’s diversified operations consists of – Imprints Retail and Infrastructure Limited (IRIL), a one-stop shop for the entire family’s footwear needs; Avanni Agri Ventures India Pvt. Ltd, an enterprise that is committed to catalysing the Indian agrarian ecosystem through technology, global know-how and next generation processes.
Source: Logistics Week