CPP Investments–IndoSpace JV Buys 6 Logistics Parks in India for ~ $471 Mn

IndoSpace Core, the joint venture between CPP Investments (Canada Pension Plan Investment Board) and Mumbai-headquartered IndoSpace, is acquiring six industrial and logistics parks in India valued at about ₹3,000 crore (C$471 million).

The New Indian Express published the earliest report about this on November 25, 2025. Business Standard and The Economic Times followed later the same day. 

IndoSpace is India’s leading developer, investor, and manager of Grade-A industrial and logistics real estate, with a pan-India presence and a reputation for pioneering modern supply chain infrastructure.  

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Key details of the acquisition

• Buyer: IndoSpace Core, a joint venture formed in 2017 by CPP Investments and IndoSpace.
• Transaction value: Approximately ₹3,000 crore (C$471 million).
• CPP Investments stake: 93% stake in IndoSpace Core.
• Funding commitment: CPP Investments will contribute ₹1,400 crore (C$217 million) to finance the acquisition.
• Assets acquired: Six industrial and logistics parks located in Bengaluru, Chennai, Delhi, Mumbai, and Pune.
• Scale: The six parks collectively span 380 acres with about 9 million sq. ft. of leasable area.

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Strategic impact

• Largest operator in India: IndoSpace Core becomes India’s largest operator of stabilized industrial and logistics real estate, expanding to 22 million sq. ft. across 948 acres.
• Client base: The parks serve over 120 global and domestic companies.
• Sector growth: Logistics momentum driven by e-commerce, manufacturing demand, and supply chain modernization.

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Why this matters

• For CPP Investments: Aligns with a strategy of generating risk-adjusted returns in high-growth markets.
• For IndoSpace: Consolidates leadership and scale in India’s logistics real estate sector.
• For India’s economy: Strengthens logistics infrastructure supporting manufacturing competitiveness, export growth, and resilience.

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Global institutional investors are doubling down on India’s logistics and industrial real estate; with CPP’s capital and IndoSpace’s local expertise, IndoSpace Core is positioned as a dominant player.

While political relations between India and Canada remain strained, Indian authorities see investments like IndoSpace Core’s acquisition as economic positives. The government’s silence on this deal suggests a pragmatic approach: separating political disagreements from the need to attract global capital into India’s logistics and infrastructure sectors.

India’s government typically welcomes foreign direct investment (FDI) in logistics, infrastructure, and manufacturing, as these sectors are critical for Make in India and supply chain modernization.

Notably, Indian government has identified logistics as a national priority sector, with initiatives like the PM Gati Shakti plan and the National Logistics Policy (2022). Industrial and logistics real estate is considered a low-risk, high-value FDI avenue. 

Delhivery Raising $115 Mn from CPPIB of Canada

Third-party logistics firm Delhivery has raises US$115 Mn from Canada Pension Plan Investment Board (CPPIB). The investment was made through CPPIB’s Fundamental Equities Asia Group. CPPIB, which aims for fundamental research and investment in quality companies for the long term in Asia, reported several media outlets including Business Standard.

The fresh funding comes within a month after India's competition watchdog CCI has approved stake acquisition by CPPIB in Delhivery.

Last month, CCI clears the acquisition of up to 8% equity stake in Delhivery through a secondary purchase from existing shareholders of the logistics firm by CPPIB, as per the notice submitted to the Competition Commission of India (CCI).

Following the investment, CPPIB will have one seat on Delhivery's board of directors.

Delhivery, which operates in over 2,000 cities and towns, has so far raised a total of US$934 million and few thousand dollar short of becoming a 'Unicorn Startup', according to www.indianweb2.com estimates.

Deborah Orida, senior managing director and global head of active equities at CPPIB, said, "The continued strong growth of e-commerce has generated significant opportunities in India's express logistics space for long-term investors such as CPPIB and we are pleased to partner with a market leader."

CPPIB is also an investor in Edtech unicorn BBYJU'S, which had raised $400 million in funding from CPP Investment Board along with Naspers Ventures, General Atlantic and some existing investors in December last year.

Sahil Barua, founder and CEO of Delhivery, said, “Last year has been particularly exciting for us at Delhivery. We crossed 17,500 pin codes across India, launched three businesses, created over 10,000 jobs and delivered financial returns and liquidity for our early-risk investors, while bringing in an incredible set of patient partners who will continue to back us on our long-term ambition.”

CCI Clears Stake-Acquisition in Logistics firm Delhivery by Canada's CPP Investment Board

New Delhi, Aug 20 (PTI) The Competition Commission has approved stake acquisition in logistics firm Delhivery by Canada Pension Plan Investment Board (CPPIB).

The deal is related to the acquisition of up to 8 per cent equity stake in Delhivery through a secondary purchase from existing shareholders of the logistics firm by CPPIB, as per the notice submitted to the Competition Commission of India (CCI).

The CCI "approves the acquisition of shares in Delhivery Private Limited by Canada Pension Plan Investment Board," the regulator said in a tweet on Tuesday.

CPPIB is a professional investment management organisation. It is governed and managed independently of the Canada Pension Plan and at arm's length from the government, while Delhivery is engaged in the provision of third party logistics services in India.

Last December, Edtech unicorn BBYJU'S had raised $400 million in funding from CPP Investment Board along with Naspers Ventures, General Atlantic and some existing investors.

Deal beyond certain levels requires approval from Competition Commission of India. PTI VHP

Byju’s Raises Fresh $400 Mn at Valuation of $4 Billion

Within just three months after raising $100 million, Byju’s, the largest edtech firm in India, has raised fresh $400 million in a new round of funding from Canada’s CPP Investment Board, Naspers Ventures, General Atlantic and some existing investors, according to documents filed with the Registrar of Companies (RoC), accessed through data intelligence platform Paper.vc and a person familiar with the transaction.

With this new funding Byju's, the new valuation of the startup values touches nearly $4 billion, making it the fourth most valuable startup in India after digital payments firm Paytm (One97 Communications Pvt. Ltd), cab-hailing service Ola, and budget hotel chain Oyo Rooms.

Since its inception in 2008, BYJU’S has raised a total of $666 million in funding over nine rounds including this one.

“A direct investment of a big pension fund into the Indian venture ecosystem is a positive sign and opens up international markets for Byju’s,” said Vinod Murali, managing partner at venture debt firm Alteria Capital. “Byju’s style and the way the business has been built—it is transferable globally—and I expect them to use the new funds to fuel their overseas expansion plans.”

The investment in Byju’s comes at a time when investors are writing big cheques, indicating a return of a funding boom in India’s start-up ecosystem. Other companies in the space include online tutoring platform Vedantu which raised $11 million last month in a funding round led by Omidyar Network.

Since its founding in 2008, Byju’s has raised more than $240 million from Tencent, Verlinvest, Chan-Zuckerberg Initiative, Sequoia Capital, Lightspeed Venture Partners, Aarin Capital among others.

In July last year, the company raised about $40 million from Tencent, months after it raised $30 million from Verlinvest.

According to Crunchbase data, BYJU’S has $219.3 million in revenue annually and it competes with Career Launcher, TestFunda.com, and meritnation.com among others. Unacademy, another online learning platform, raised $21 million in a Series C round from Sequoia India, SAIF Partners and others.

Byju’s attained the coveted unicorn status in its previous funding round which saw the participation of Tencent.

In the past three years, Byju’s has exceeded investor expectations. The company, which started out as an offline teaching centre in Bengaluru, launched an app in 2015 to increase user base. It currently offers two separate learning apps—its flagship app caters to students from Classes VI to XII, while the second targets students of Classes IV and V.

The move to a digital education platform has been lucrative for the company. In June, Byju’s said that it touched ₹100 crore in monthly revenue and raised its annual revenue target for this year to ₹1,400 crore. The company claims it is among the few profitable unicorns in the country.