Mumbai-based Supply Chain Solutions Startup, LEAP India Pvt. Ltd., has raised US $13 Million (about INR 88.34 Crore) Series B in funding from a clutch of new and existing investors.
The round saw participation 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 raised capital, by the company, will be used to hire more professionals and develop its asset-pooling service.
Vikram Godse, managing partner of MF Advisors LLP, the Indian arm of venture capital firm Mayfield said, “With the onset of GST, the size of warehouses will only get larger. In order to bring efficiency in the supply chain, scaling up these large warehouses seems difficult without the usage of pallets. By leasing pallets to customers, LEAP is ensuring a faster proliferation of pallets across India’s warehouses.”
Supply Chain Solutions Startup LEAP India was founded by Sunu Mathew in 2013, LEAP is a pallet and container rental provider across India.
LEAP India deals in returnable packaging and pooling of equipments,a namely wooden pallets & boxes, plastic containers, metal wire mesh catering to all sectors that work with these products to store or transfer goods from one site to another.
Its clients include Tata Motors, LG, Bluedart, Abbott, Carlsberg, All Cargo, etc.
LEAP India had also secured $3 million in a bridge round in May last year from Mayfield Fund and Rishabh Mariwala, it also has raised $ 23 million in equity and debt funding so far.
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.