Supply chain solutions firm LEAP India raises another $13 mn
LEAP India Pvt Ltd, a Mumbai-based supply chain solutions company, has raised Rs 88.34 crore ($13 million) in its Series B round of funding from a clutch of new and existing investors, a financial daily reported on Friday.
A top executive of LEAP India told The Economic Times that the company has raised this round from IndiaNivesh Growth Fund, Sixth Sense and TCI Ventures. Existing investors, venture capital firm Mayfield Fund and Rishabh Mariwala, who manages Sharp Ventures—the family office of Marico founder and chairperson Harsh Mariwala—also participated in the round.
The company will use the funds to hire more professionals and develop its asset-pooling service.
Emails sent to the investors and LEAP India didn’t elicit a response till the time of writing this article.
Founded in 2013 by Sunu Mathews, LEAP India provides returnable packaging and pooling of equipment such as wooden pallets, metal wire mesh, boxes and plastic containers. The company offers its services to Indian companies and MNCs in areas such as FMCG, consumer durables, beverages and auto.
LEAP India had also secured $3 million in a bridge round in May last year from Mayfield Fund and Rishabh Mariwala, as per VCCEdge, the financial data platform of VCCircle. The supply chain firm has raised $ 23 million in equity and debt funding so far.
The logistics and supply chain sector has witnessed several mid- to large-sized deals in the last one year. The largest transaction involved Singapore's distressed assets fund management firm SSG Capital Management Group investing Rs 580 crore ($87 million) to acquire a 40% stake in Future Supply Chain Solutions Ltd.
In June last year, Mumbai-based cold storage warehousing and transport solutions provider Schedulers Logistics India Pvt. Ltd raised Series B round of funding for expansion.
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Mayfield Fund I is a venture capital fund managed by Mayfield. It seeks to invest in companies operating in manufacturing, communications and wireless, consumer and media, enterprise software and semiconductor sectors. The size of the fund is $110 million. The firm seeks to invest between $5 million and $15 million in its portfolio companies with revenues ranging from $5 million and $50 million.
Future Supply Chain Solutions Ltd. (Formerly Future Logistic Solutions Ltd.) is a logistics company. It provides integrated end to end supply chain management, warehousing and distribution, multi-modal transportation and container freight station. It caters to food and beverages, lifestyle, consumer electronics and high tech, automotive engineering, home furniture, healthcare, general merchandise and e-commerce. The company was founded in 2007 and is based in Mumbai, Maharashtra. Future Supply Chain Solutions Ltd. operates as a subsidiary of the Future Retail Ltd.