The International Finance Corporation commits Rs 225 crore to NDR Smart Spaces to develop nearly 20 million square feet of modern warehousing, including cold storage, across Indian Tier-II and Tier-III cities, aiming to boost manufacturing, employment, and sustainable infrastructure.
The International Finance Corporation has moved to back NDR Smart Spaces with an equity commitment of Rs 225 crore, or about $23 million, as the company builds out a logistics platform spanning nearly 20 million square feet across 14 Indian cities. According to Maritime Gateway, the financing is aimed at accelerating development of Grade A warehousing, a segment that has attracted growing institutional interest as India’s manufacturing and consumer demand expand.
IFC’s project disclosures show the proposed support is tied to a broader financing package, including the possibility of additional debt, and that the money will help fund new warehouse development, land purchases and assets already under construction. The disclosures say NDR Smart Spaces is a newly formed subsidiary of NDR Warehousing Private Limited, which has already developed about 20 million square feet of warehousing space and has a larger pipeline in multiple states.
The company’s plan is not limited to conventional storage sheds. Maritime Gateway reported that the platform will combine dry warehousing with cold storage, with a particular focus on Tier-II and Tier-III cities that have often lacked modern logistics infrastructure. The project is expected to add 1.5 million square feet of cold storage capacity, a move that could help cut post-harvest losses and improve market access for farmers.
IFC said the investment is intended to support private sector-led job creation and strengthen the logistics backbone in smaller cities. Shalabh Tandon, IFC’s regional head of operations and climate and interim regional division director for South Asia, said the platform is designed to attract manufacturers, create formal employment and connect farmers more efficiently to markets. He added that the World Bank Group’s country partnership framework for India places private sector job creation at the centre of its strategy.
NDR Smart Spaces director Amrutesh Reddy said the partnership marks an important step in the company’s growth, adding that it will help the business expand high-quality logistics and social infrastructure assets at scale. Based on the company’s estimate of roughly 1,200 direct jobs for every 1 million square feet developed, the full pipeline could support about 24,000 jobs across logistics, operations, maintenance and management, including roles for women.
The investment also reflects IFC’s wider push into Indian warehousing. In December 2024, the lender committed $75 million to a sustainability-linked bond issued by NDR InvIT Trust, which was described as the first such bond from a warehousing InvIT in India. IFC said that financing was intended to support greener facilities, including EDGE certification and lower greenhouse gas emissions, underscoring how logistics real estate is increasingly being tied to both employment and climate goals.
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