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Morgan Stanley Infrastructure Invests Rs 180 Crore In LEAP India
| January 21, 2021
Morgan Stanley Infrastructure Invests Rs 180 Crore In LEAP India
Morgan Stanley India Infrastructure on Thursday said it has invested Rs 180 crore to acquire stake in LEAP India. Founded in 2013, LEAP India is an asset pooling company dedicated to providing dependable and cost-effective solutions to supply chains across India, according to a statement. The company has an asset pool of approx 4 million units, including pallets, foldable large containers, crates and utility boxes, it said. LEAP now aims to achieve a total asset pool of 6 million and provide technologically advanced products to the market, its founder promoter and managing director Sunu Mathew said. Its business is linked to India's consumption story and primarily caters to fast-moving consumer goods, consumer durables, beverages, e-commerce, retail, auto and auto-component manufacturing sectors, Morgan Stanely said in the statement. The timber pallets and plastic utility boxes are used by companies in FMCG and beverages sectors, it said, adding auto companies use FLCs and crates. LEAP, which provides these assets on lease and helps in integrating the supply chain across suppliers, manufacturers, 3PL service providers and retailers, has a large footprint in India catering to over 600 customers and more than 7,000 touch-points from a pan-India network of 18 warehouses. "LEAP has been able to navigate the Covid-19 situation successfully and has emerged stronger with an increased market share. "In terms of market opportunity, India is hugely under-penetrated in terms of palletisation. With our investment, we expect that LEAP will further consolidate its market-leading position," Shyamsundar Gurumoorthy, Managing Director and Co-Head of Morgan Stanley India Infrastructure, said. Morgan Stanley India Infrastructure has also invested in Unison Enviro, a city gas distribution company, in partnership with Ashoka Buildcon and in Healthmap Diagnostics.
LEAP raises funds in round led by TVS Cap
| July 25, 2019
MUMBAI: Mumbai-based supply chain solutions provider LEAP India has raised ₹216 crore in a Series C round led by private equity firm TVS Capital Funds, senior executives said in an interview. TVS Capital has infused ₹100 crore into the venture, while existing investors Sixth Sense Venture Fund invested ₹32 crore, and Samena Capital pumped in ₹40 crore. Mayfield and IndiaNivesh Fund, among others, also participated in the round. LEAP India has so far raised $97 million, including equity and debt financing. Its early investors include TCI Ventures, SSG Capital Management Group, and Marico founder Harsh Mariwala’s son, Rishabh Mariwala. “The logistics services space is very interesting and venture-funded firms that are coming into the growth phase, operate in the B2B (business-to-business) space and have experienced founders make for a strong investment opportunity for our fund," said Gopal Srinivasan, managing director and chairman, TVS Capital Funds. This is the second investment by TVS Shriram Growth Fund 3, which is the third fund of TVS Capital Funds. TVS Capital Funds had announced the second close of its third fund at ₹1,100 crore on 10 July. The fund focuses on financial services, business services, and niche consumption segments. It has also invested ₹35 crore in Mumbai-based Suryoday Small Finance Bank, taking its total deployment to ₹135 crore, said Srinivasan. Earlier, TVS Capital had invested in TVS Logistics Services Ltd from TVS Shriram Growth Fund 1A, the only other investment besides LEAP India in the logistics space. “The private asset lending space in logistics is growing hugely with the goods and services tax-based rationalization of the supply chain. This is an industry driven by the network effect because one needs to have a network of warehouses and customers to be able to make the rental business work efficiently," said Srinivasan. Founded in 2013 by Sunu Mathew, the B2B solutions provider claims to be a market leader in returnable packaging services. The firm pools equipment and packaging, such as wooden pallets, plastic containers, wooden boxes and metal wire mesh, to companies across sectors, for storing or transferring products from one location to another. “The new funding will help maintain the high growth trajectory as we consolidate our leadership position as the No. 1 Indian returnable packaging service provider. We are strengthening our capabilities by investing in track and trace technologies, enhancing our information platforms and modernising the operational infrastructure to provide a best-in-class customer experience. Recently we infused new talent by on-boarding industry veterans and subject matter experts, to drive the next phase of growth and profitability," Mathew said. Its clients include Coca-Cola India, ITC, Mondelez, Reckitt Benckiser and Tata Motors Ltd.
Supply chain solutions firm LEAP India raises another $13 mn
| January 6, 2017
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 Ventures—the family office of Marico founder and chairperson Harsh Mariwala—also 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 didn’t 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.