Mumbai-based supply chain and logistics solutions provider LEAP India has raised Rs 216 crore ($31.28 million at the current exchange rate) as part of its Series C round of funding, Mint reported.
The round was led by a Rs 100 crore infusion from TVS Capital, the private equity arm of Chennai-headquartered automotive major TVS Motors, the report said.
Existing investors Sixth Sense Ventures, Samena Capital and IndiaNivesh Fund also participated in the funding round.
Techcircle had first reported about TVS Capital’s investment in the company in June 2019. The report also added that the funds raised were part of an on-going round.
Sunu Mathew, founder and CEO of LEAP India told Mint that the funding will be used to ramp up the company’s tech backbone, product development and talent hiring.
E-mail queries sent to Mathew seeking more information on this funding round did not elicit a response at the time of filing this report.
Founded in 2013, LEAP India’s offerings span project, freight and logistics management as well as IT and consultation solutions.
MyLEAP, which is among its flagship products, is a cloud-based tool that offers end-to-end tracking of equipment.
The product is used as an online platform to share data for team collaboration, identify problem areas and integrate with customers, the company has claimed.
LEAP India caters to both Indian and multinational companies in sectors such as fast-moving consumer goods, consumer durables, beverages and automotive.
Deals in the supply chain and logistics segment
July 2019: Rivigo Services raised $65 million (Rs 444 crore at current exchange rate) funding led by existing investors Warburg Pincus and SAIF Partners.
July 2019: Freight Tiger, a business-to-business (B2B) logistics-tech platform, raised $8 million funding led by existing investor Lightspeed Venture Partners.
May 2019: Fleet management and vehicle tracking company LocoNav secured Rs 28 crore from existing investor Sequoia Capital.