Jan 11, 2017 05:56 PM IST IST | Source: PTI

LEAP India raises $13 mn in series B funding

Apart from existing investors Mayfield and Rishabh Mariwala, the company saw participation from new investors such as IndiaNivesh Growth Fund, Sixth Sense and TCI Ventures.

Supply chain management services provider LEAP India today said it has raised USD 13 million (approx Rs 88.7 crore) in series B funding from existing as well as new investors.

Apart from existing investors Mayfield and Rishabh Mariwala, the company saw participation from new investors such as IndiaNivesh Growth Fund, Sixth Sense and TCI Ventures.

Through a mix of equity and debt, Mumbai-based LEAP has so far raised close to USD 23 million (including current funding).

"The fresh infusion of equity would further strengthen the balance sheet of the company and give more room for leverage," a company release said.

The company plans to invest the funds to strengthen its team and enhance technology to differentiate and deliver best in class services to its customers, it added.

"LEAP will also allocate a significant portion of the investment towards adding new product offerings to its customers. It aims at garnering a significant market share in the Asset Pooling space which otherwise has been a highly fragmented and unorganized market," Sunu Mathew, Promoter and Managing Director, LEAP said.

Systematix Capital acted as the sole financial advisor to LEAP for this transaction. Systematix Capital Services is the investment banking arm of Systematix Group, a diversified financial services organisation.

LEAP, founded in July 2013, has seen good growth in asset deployment and is fast expanding its customer base, pan-India network and technological capability in the business of renting and pooling wooden pallets and foldable large containers.

LEAP caters to both Indian companies and MNCs in the FMCG, consumer durable, beverages and auto space.

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