Zomato signs lease for its largest built-to-suit warehouse in Bengaluru’s Sumadhura Logistics Park, marking a significant milestone.
Food delivery startup Zomato has finalised a lease agreement for a sprawling 300,000-sq ft built-to-suit warehouse in Bengaluru’s Sumadhura Logistics Park. Representing Zomato’s largest dedicated warehousing space in the country, this move comes on the heels of the company’s third consecutive quarter of increased cash balance and profit.
Sumadhura Group, the owner of Sumadhura Logistics Park, has invested Rs 600 crore in the park’s first phase, covering 100 acres and providing 2.5 million sq ft of commercial warehousing space. The ambitious project aims to expand the total warehouse space to 6 million sq ft in the subsequent phase.
The facility offers comprehensive warehousing solutions targeting industries such as e-commerce, pharmaceuticals, manufacturing, automobiles, logistics, FMCG, retail, and electronics. This strategic move aligns with the rising demand for warehousing solutions in Bengaluru, particularly in East Bengaluru and surrounding areas. The surge in demand is propelled by the increasing contribution of the manufacturing sector to the country’s GDP, coupled with a flourishing economy.
With India’s industrial and logistics segment undergoing transformative changes due to government initiatives like ‘Make in India’ and ‘Gati Shakti’, the warehousing sector is expected to draw substantial investor capital in 2024. Cushman and Wakefield project leasing of grade A warehouses across the top 8 cities to exceed 50 million sq ft, showcasing a promising growth trajectory. In the third quarter, Zomato reported a fourfold increase in profit after tax to Rs 138 crore, with a 69 percent surge in revenue from operations to Rs 3,228 crore.