IFC invests $6.5 million in Bangalore-based Snowman Logistics

BANGALORE: IFC, a member of the World Bank Group, is providing USD 6.5 million to cold chain logistics solutions provider Snowman Logistics to support expansion of latter's division for efficient storage of farm products.

IFC invested USD 5 million in the city-headquartered company in 2009 to expand efficient storage facilities across India.

"The additional investment will support Snowman's capital needs during the company's strategic growth phase, helping it become more efficient and expand in existing and new locations in India", Snowman said in a statement.

Snowman CEO Ravi Kannan said: "The current expansion will help Snowman to emerge as a market leader by taking advantage of current and potential growth in the retail and food sector in India.

"IFC's investment in Snowman will help lower overall logistics costs and reduce wastage associated with Snowman's clients, most of which are in the agriculture and food sector," said Anita M George, IFC Director for Infrastructure in Asia.

Snowman provides cold chain services for a variety of products, including, processed foods and pulps, sea foods, meat, ice creams, and dairy products.

Snowman's temperature-controlled storage infrastructure is currently spread across 16 facilities in Mumbai, Chennai, Bangalore, Hyderabad, Kochi, Kolkata, Ludhiana and Visakhapatnam, the statement added.