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.