Logistics firm Flywheel today said it will invest Rs 120 crore for expansion and has appointed consulting firm PwC to advise on private equity infusion.
“Flywheel will invest Rs 120 crore over the next two years for expanding capacities, thereby breaking into the top three companies offering container transportation,” the company said in a statement.
Delhi-based Flywheel Logistics has also appointed PwC India to advise on the deal structure and on private equity infusion.
“Flywheel will be able to raise USD 20 million in its first round of funding through participation from private equity,” it said.
It will be used to fund the expansion plans for the company’s container capacities across the network as well as warehouse infrastructure.
Flywheel CEO Anil Syal said” “In a largely fragmented market of domestic surface transport, we see a huge opportunity which is untapped. With a unique service model and high service standards, we are confident of growing much faster over the next three years. Being a young company, we have managed to use a very strong technology-base to be able offer our clients sophisticated and transparent service. This makes Flywheel more dependable to our clients”
The firm is a family-owned venture led by founder and CEO Syal and operates in domestic container transportation and warehousing business with a network in 18 states operating 160 daily departures on 60 national routes with 750 strong fleet of containers.
“Besides this, Flywheel operates seven yards across India and reaches 350 destinations countrywide. The full container load network operates on a hub-and-spoke model.
In warehousing, Flywheel Logistics has presence in 21 states with over one million sq ft of warehousing space.