Ambit Pragma ups investment in India’s Spear Logistics


Indian private equity firm Ambit Pragma Ventures has injected a further INR70m ($1.4m) into portfolio company Spear Logistics, a contract logistics business based in Pune, India.

The financing, which follows an investment made in 2010 through the firm’s Ambit Pragma Fund I, will be used to further the company’s expansion plans, VC Circle reported on Wednesday.

Spear Logistics was founded in 2001 and today employs more than 1,800 staff, operating a chain of 75 warehouses and supporting infrastructure across India.

Ambit Pragma which targets investment opportunities in the media & entertainment, healthcare, logistics, branded food and support services in infrastructure sectors, has previously invested in bus operator Prasanna Purple and Mumbai hospital chain Beams.

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