Indian logistics parks operator IndoSpace has raised an additional $150 million in the second close of its fourth fund led by the Qatar Investment Authority and Grosvenor’s Diversified Property Investments.

The company had raised $243 million in the initial close of IndoSpace Logistics Parks IV, which will add an additional 25-30 million square feet to its portfolio.

With the growing penetration of e-commerce, modernisation of supply-chain management and increased focus on manufacturing have increased the demand for high-quality logistics and warehousing space in India.

The company received $205 million from Canadian pension fund CPP Investments Board in January this year for the first close of its latest logistics vehicle in India.

In April 2022, IndoSpace was reportedly eyeing an initial public offering in Singapore with a fundraising of as much as $700 million, according to Bloomberg.

Founded in 2007, the warehouse developer has delivered and is developing a combined 50 logistics parks with 56 million square feet across 10 cities in India.