Supply chain and logistics solutions provider LEAP India has raised Rs 100 crore (around $14.7 million at the current exchange rate) in fresh funding from homegrown private equity firm TVS Capital, two people aware of the development told TechCircle.
TVS Capital is sponsored by the TVS Group and the Shriram Group and follows a ‘designed for India’ strategy.
The infusion is part of a new funding round as LEAP India looks to embark on an expansion drive, one of the people cited above said on the condition of anonymity.
Email queries sent to LEAP India seeking further details did not yield a response till the time of publishing this report.
Founded in 2013, LEAP India’s offerings span project, freight and logistics management as well as IT and consultation solutions.
Among its flagship products is MyLEAP, a cloud-based tool which offers end-to-end tracking of equipment.
“MyLEAP is used as an online platform for sharing data to work together, to identify problem areas and to closely integrate with our customers,” reads a statement on the company’s website.
LEAP India caters to both Indian and multinational companies in sectors such as fast-moving consumer goods, consumer durables, beverages and automotive.
The startup’s existing investors include Mayfield Fund, IndiaNivesh, Sixth Sense Ventures, TCI Ventures, and SSG Capital Management Group.
In August last year, the company raised $28.48 million (Rs200 crore) in debt financing from Piramal Capital and Housing Finance.
In 2017, LEAP India had raised $13 million from existing investors Mayfield Fund LLC, IndiaNivesh Fund Managers, Sixth Sense Venture Funds and Rishabh Mariwala, who manages Sharp Ventures.
Deals in the supply chain and logistics segment
- May 2019: Logistics-technology startup Transport Hub raised Rs 3.5 crore (around $500,000) in seed funding from a clutch of high-net-worth individuals (HNIs) it did not name.
- May 2019: Logistics-technology startup Freight Tiger secured Rs 14 crore from Alsthom Industries Ltd, which is a cement grinding unit of Dalmia Cement (Bharat) Ltd.
- May 2019: Logistics-technology startup LocoNav raised $4 million (Rs 27.87 crore at the current exchange rate) as part of a Series B round of funding from existing investor Sequoia Capital India.
- May 2019: Logistics-tech startup BlackBuck secured $150 million (about Rs 1,040 crore) in its Series D round, beefing up its war chest to compete with rivals such as Rivigo and Delhivery.