New Delhi, July 31 -- Infrastructure-focused private equity firm I Squared Capital is looking to enter the cold chain logistics sector in India and is said to be in active talks with at least two local companies to acquire a stake, VCCircle has learnt.
The Miami, US-based PE firm already has a significant exposure in India's infrastructure sector. It invests in the renewable energy sector via its platform Hexa Climate and in the highways sector via Cube Highways. It also promotes Jaipur-based smart metering firm Polaris and recently unveiled a $1-billion power transmission platform, a few weeks after VCCircle first reported on it.
The PE firm is now in talks with at least two cold chain logistics companies in India-Crystal Logistic (Cool Chain) Ltd and Coldex Ltd-to acquire an interest in them, multiple people aware of the matter told VCCircle.
VCCircle could not ascertain the exact details of the discussions that I Squared may have had with these or other companies. However, at least one of the people cited above said that the PE firm is looking to acquire controlling stakes in Indian logistics companies.
Two other people said that I Squared has been trying to enter the Indian cold chain logistics sector for some time now, but has not managed to strike a deal yet. Another person said that I Squared may look to set up a platform to invest in the sector.
Akash Agarwal, chief executive officer at Crystal Logistic, confirmed that his company had indeed been in talks with I Squared. "We can confirm that discussions have taken place and they have expressed interest. However, nothing has been finalized or closed at this stage," he said in response to an emailed query.
An I Squared spokesperson acknowledged receiving VCCircle's queries but did not offer a response till the time of the publication of this story. Queries sent to Coldex remained unanswered.
Interestingly, both companies have previously raised PE funding. While Crystal was backed by SBI Ventures' Neev Fund, Coldex had secured the backing of Carpediem Capital.
Coldex, founded in 2005 by Gaurav Jain, says it runs about 650 temperature-controlled vehicles and 55 branches serving the frozen, chilled and ambient categories, catering to clients across quick-service restaurants, pharmaceuticals, dairy, ice cream, confectionery and retail sectors.
Crystal traces its roots to 1962, when it was started by Murari Lal Agarwal as a transport business under the name Haryana Transport Company, before evolving into an integrated cold chain player offering refrigerated warehousing, transportation and portable cold storage. It operates a fleet of more than 200 reefer trucks and is led by Akash Agarwal as CEO, alongside Rajesh Agarwal (MD), Naresh Agarwal (Joint MD) and Yatish Agarwal (COO).
I Squared's cold chain interest
Any India cold chain foray would not be I Squared's first bet on the sector itself.
In 2022, I Squared set up Cube Cold Europe through its ISQ Global Infrastructure Fund III and earmarked as much as $350 million for cold storage facilities near ports and logistics hubs, with early assets clustered around the Belgian and Dutch ports of Antwerp, Bruges, Ghent and Rotterdam.
In 2024, I Squared acquired WOW Logistics, a Wisconsin-based supply chain company running 25 facilities across five US states, offering temperature-controlled warehousing, real estate development and transportation services. Last year, it acquired a controlling stake in the Philippines-based cold storage operator Royale Cold Storage.
Together, these bets suggest a deliberate strategy of building out cold storage and cold logistics platforms across geographies-a playbook that market watchers say the firm could now be looking to replicate in India.
India's cold chain logistics sector has increasingly caught the eye of infrastructure and logistics-focused investors, though the industry remains underdeveloped relative to its size. The bulk of it is still geared toward food storage rather than the diversified, multi-commodity infrastructure that modern retail and pharma logistics require.
The market is also fragmented and largely unorganised, with a handful of listed and private players such as Snowman Logistics, DHL Supply Chain India and TCI Express accounting for a large share of the organised segment.
I Squared Capital, founded in 2012 by Sadek Wahba, Adil Rahmathulla and Gautam Bhandari, manages more than $50 billion in assets globally as of November 2025, with a portfolio of over 90 companies spread across roughly 70 countries spanning energy, utilities, digital infrastructure, transport and environmental and social infrastructure.
In India, the PE firm's cumulative commitment has crossed $4 billion across six operating and development platforms, spanning highways, renewable energy, smart metering and, most recently, power transmission.
Published by HT Digital Content Services with permission from VC Circle.