LEAP, a Mumbai-based supply chain company, has announced that it has raised $13 million in its Series B round of funding. The investment comes from a handful of new investors — IndiaNivesh Growth Fund, Sixth Sense, and TCI Ventures.
While the company has roped in new investors, existing investors of the company — Mayfield and Marico’s Rishabh Mariwala, who manages Sharp Ventures, the family office of Marico founder and chairperson Harsh Mariwala, have also participated in the current round.
With new funding coming in, the company will utilize the money for strengthening its team and developing an asset pooling service in this largely unorganized market. Including the current funding round, LEAP has raised nearly $23 million in equity and debt funding so far.
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 faster proliferation of pallets across India’s warehouses.
Founded in 2013 by Sunu Mathew, LEAP claims to be the leading pallet and container rental provider across India. The company’s efforts are focused to support its customers right where they are. It provides end-to-end solutions to its clientele for the movement of products.
Ranging from strategic management, lumber sourcing, distribution and channel marketing, sales and supply chain, LEAP’s business is of returnable packaging and pooling of equipment. These include 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.