KKR-owned Leap India converts to public company, appoints independent directors

Logistics solutions startup Leap India is all set to convert into a public company, signalling plans to file for an initial public offer (IPO).

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Mukul Manchanda
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Logistics solutions startup Leap India is all set to convert into a public company, signalling plans to file for an initial public offer (IPO). 

LEAP India was reportedly eyeing a Rs 1,000 crore IPO in 2022, but the plans were later delayed after the entity was acquired by KKR.

The board of Leap India passed a resolution to change its status to a public company and rename it from “Leap India Private Limited” to “Leap India Limited”. as per its regulatory filing accessed from Registrar of Companies (RoC).

In line with regulatory requirements, the company has also appointed Harinarayanan Nair and Sanjiv Gupta as independent directors to strengthen its board and governance structure as it transitions into a listed entity.

With over 30 years of experience in the logistics sector, Nair has held key positions at multiple companies including Wipro Pari, Signode, and ITW India. Gupta, Founder and Chairman of Bluwheelz, has also held leadership roles at Coca-Cola and SpiceJet.

Founded in 2013 by Sunu Mathew, Leap India specializes in supply chain solutions, providing services such as equipment pooling, packaging, inventory management, transportation, and repair and maintenance. It caters to clients across industries including e-commerce, consumer durables, beverages, and automotive.

According to startup data intelligence platform TheKredible, Leap India has raised over $180 million to date including a $63 million round raised in December 2024 led by KKR with the participation of Sixth Sense Ventures, FirstBridge India and others at a valuation of $600 million.

KKR holds a controlling stake of 78.64% in the Mumbai-based firm. The global investment firm acquired the majority stake in Leap India in 2023 through a combination of primary and secondary investments.

In January this year, Leap India acquired supply chain company CHEP India Private Limited (CIPL). The acquisition involved the transfer of CIPL’s assets, customer base, and team to Leap India.

For the fiscal year ended March 2024, Leap India reported a 44% increase in operating income to Rs 365 crore from Rs 253 crore in the previous fiscal. Its profit also surged 4X to Rs 37 crore during the same period.

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