Supply chain and logistics startup LEAP India has scooped up Rs 216 crore in a Series C round led by private equity firm TVS Capital Funds.
Of the total funding, TVS Capital has poured in Rs 100 crore along with some existing investors. Sixth Sense Venture put in Rs 32 crore, and Samena Capital invested Rs 40 crore. Mayfield and IndiaNivesh Fund, among others, also contributed to spur this funding.
With the fresh funds, the startup is aiming to have a high trajectory growth by investing in track and trace technologies, enhancing their information platforms and modernising the operational infrastructure to provide a best- in- class customer experience, Sunu Mathew – Founder and MD of LEAP India – told Mint.
The Mumbai-based startup claims to be the market leader in returnable packaging services. The services include strategic management, lumber sourcing, and providing packaging equipment such as wooden pallets, plastic containers, wooden boxes, and metal wire mesh to all sectors that work with these products to store or transfer goods from one haunt to another.
LEAP India’s early investors include TCI Ventures, SSG Capital Management Group, and Marico founder Harsh Mariwala’s son, Rishabh Mariwala and its clients are mainly Coca-Cola India, ITC, Mondelez, Reckitt Benckiser, and Tata Motors Ltd.
Recently, the company has inoculated new talent on board in order to grow and expand rapidly. “Going global is definitely on the cards for LEAP but after saturating the Indian domestic market,” Mathew further added.
Last year in August 2018 with an asset base of Rs 310 crore due to the equipment it owns, this logistics startup raised Rs 200 crore debt from Piramal Capital & House Finance.
TVS Capital Funds which mainly focuses on financial services, business services, and niche consumption segments has also invested Rs 35 crore in Mumbai- based Suryoday Small Finance Bank, with the total positioning to Rs 135 crore.