Gurugram-based real estate start-up Pragati has raised $200 million in a funding round led by a Singapore-based private equity fund. The company has also provided an exit to its previous financial partner Morgan Stanley.
According to a report by the Economic Times (ET), Pragati has not disclosed the name of the private equity fund. It has also not revealed the valuation at which it raised the money.
The company will utilise the newly generated fund to expand its business operations across multiple cities in the country.
Addressing the latest development, Jitender Yadav, the founder of Pragati Group, told ET “We want to be one of the top five industrial and logistics real estate developers in the country by developing a portfolio of 30 million sq ft across key tier-1 and tier-2 Indian cities.”
“Pragati has worked with companies like Amazon, Flipkart, DHL, Daikin, Bosch, and this capital will enable us to expand to other major cities in India,” he added.
The ET report revealed that the company has developed 12 million square feet of logistics parks in the past decade. Currently, is working to cover three million square feet of space for multiple clients as part of its upcoming projects.
Pragati Warehousing, the warehousing category of Pragati group got two million square feet of warehousing space in a lease from e-commerce giant Flipkart.