ColdEX Logistics, a New Delhi-headquartered supply chain service provider, has raised ₹250 crore in fresh tranches of funding from Hong Kong-based private equity firm Asia Climate Partners.

In the process, the PE firm will also acquire a minority stake held by India Equity Partners, resulting in the latter’s exit.

The PE firm is making the total investment in tranches, with the first part of about ₹135 crore already awarded.

The remaining would be dispersed over a two-year period, sources close to the development told BusinessLine .

When contacted ColdEX Founder and Managing Director Gaurav Jain confirmed about the fund raising, but did not divulge the exact amount it was raising. He cited non-disclosure agreements.

“This is the second round of institutional investment in the company, and we will use the proceeds to ramp up warehousing capacity across the country,” said ColdEX Founder and Managing Director Gaurav Jain.

Asia Climate Partners, a mid-market private equity fund, is backed by the Asian Development Bank and Japan-based financial services group Orix Corporation. India Equity Partners has invested about $10 million in the company, then called Swastik Roadlines, in 2010, in exchange for a minority stake.

ColdEX provides temperature-controlled transportation services, warehousing and last mile delivery services. The company, which owns a fleet of about 850 reefer trucks, has 55 branches, six distribution centres and counts corporates such as Cadbury, Burger King, Yum brands, Starbucks and Amul as its clientele.

The company is planning for an Initial Public Offering (IPO) in the next three-five years, which would provide an exit option for investors.

ColdEX intends to use the proceeds of the ‘Series B’ funding to set up a new cold chain warehousing capacity of 50,000 pallets in the next three years, increase its warehousing footprint and transportation network.

“At present, we are operating warehouses from leased facilities and now we intend to set up our own facilities. We are looking at setting up facilities at places where consumption happens most,” Jain added.

The company is looking at setting up warehouses across 12 cities.