News Karnataka
Wednesday, April 24 2024

Zomato Seals Mega 3 Lakh sq ft Warehousing Deal Near Bengaluru

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According to information released by the developer, Zomato has leased 3.08 lakh sq ft at Sumadhura Logistics Park near Bengaluru in one of its largest warehousing transactions.

The seven-year lease is locked in for the built-to-suit warehouse park, which is being developed by Bengaluru-based Sumadhura Group.

Additionally, this is the biggest warehouse Zomato has leased in India. An email inquiry is pending a response from Zomato.

“This collaboration with Zomato marks a significant milestone in our journey as we work towards expanding our clientele in the logistics and warehousing space,” stated Madhusudhan G, CMD of Sumadhura Group, in a statement regarding the development. Our organization is making this strategic move in response to Bengaluru’s growing need for warehousing solutions, especially in East Bengaluru and the surrounding areas.”

The first phase of Sumadhura Logistics Park, which covers 100 acres and provides 2.5 million square feet of commercial warehouse space, has seen an initial investment of Rs 600 crore from the Group.

In the upcoming phase, the company stated that its goal is to expand Sumadhura Logistics Park’s total warehouse space to 6 million square feet.

Retail has emerged as one of the key drivers for warehousing demand in India over the last five years, with its share increasing from 8 percent in 2019 to 13 percent in 2022, according to a recent report by CBRE.

As per the report’s findings, the collective warehousing demand for e-commerce, FMCG, and retail sectors accounted for nearly 27 percent of the total demand from 2019 to H1 2023.

Zomato reported a net profit of Rs 138 crore for the October-December period, marking the third straight quarter of the food aggregator’s earnings coming in the green.

Revenue rose 69 percent year-on-year to Rs 3,288 crore at a time when the broader e-commerce sector is reeling under the pressure of high inflation and muted demand.

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