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 Venturesâthe family office of Marico founder and chairperson Harsh Mariwalaâalso 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 didnât 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.
Like this report? Sign up for our daily newsletter to get our top reports.