ADM Capital is pleased to announce the successful exit of its USD 15 million senior secured financing to 20Cube Logistics (the “Company” or “20Cube”), a Singapore-headquartered logistics business with operations across international freight forwarding and India-focused third-party logistics (“3PL”).
Founded in 2012 by Mahesh Niruttan and Anand Seetharaman, 20Cube was established to bring a technology-integrated operating model to the traditionally fragmented freight forwarding industry. The Company developed a proprietary software platform and centralized support functions in Chennai, India, creating a more scalable operating model across Asia Pacific and East Africa. Alongside its international freight forwarding business, 20Cube also developed a fast-growing India 3PL platform focused on warehousing, distribution and last-mile logistics solutions.
ADM Capital provided an initial USD10 million facility in December 2020, when 20Cube sought flexible, non-dilutive capital to support working capital needs and refinance existing lenders across its subsidiaries. A further USD5 million was provided in December 2021 to support continued growth amid strong demand across shipping, logistics, supply chain services and India 3PL.
At the time of ADM Capital’s investment, 20Cube had an institutional and profitable business model, diversified and long-term customer relationships and a differentiated technology platform. During ADM Capital’s investment period, 20Cube scaled meaningfully despite a volatile operating backdrop marked by the Russia-Ukraine conflict, the Middle East crisis, rising freight rates and global trade disruptions. Growth was particularly strong within the India 3PL business, supported by domestic consumption, manufacturing activity and demand for modern warehousing and last-mile logistics solutions.
Given ADM Capital’s focus on supporting Environmental, Social and Governance outcomes as part of our responsible investment approach, we also worked with 20Cube to strengthen its sustainability and governance capabilities. With ADM Capital’s support, 20Cube developed a sustainability roadmap, advanced a decarbonization plan targeting carbon neutrality across Scope 1 and 2 emissions whilst reducing Scope 3 emissions, and published annual sustainability reports from FY2023 to FY2026.
Continued focus on operational discipline, profitability and internal processes helped the Company facilitate sustained business growth and value for investors and other stakeholders. In August 2026, 20Cube carved out and sold its India 3PL logistics business to Investcorp. The transaction enabled the full repayment of ADM Capital’s investment, while the international freight forwarding business continues to operate under the Singapore parent company.
Having worked closely with 20Cube, we congratulate the team on this milestone and wish them all the very best for their next stage of growth.
