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TVS Capital leads $31 mn Series C round in supply chain firm LEAP India: Report
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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.
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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.
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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.
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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.
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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.