LEAP India To Raise INR 535 Cr In A Funding Round Led by KKR

Supply chain solutions provider Leap India is raising INR 535 Cr (about $62.8 Mn) in a funding round led by private equity giant KKR through its arm Vertical Holding. The funding round will also see participation from Sixth Sense Ventures, FirstBridge India, Madhurima International, among others. 

According to the startup’s regulatory filing, its board approved a special resolution to issue 1.16 Cr preference shares and 17.50 Lakh equity shares at a price of INR 400 per share. 

“The company intends to raise further funds by issuing 1,16,25,000 Series I Compulsorily Convertible Preference Shares of the Company (“Series I CCPS”) and 17,50,000 equity shares of the Company at a price of INR 400 per Subscription Security, on a preferential basis by way of private placement…” the filing said. 

The development was first reported by Entrackr.

While KKR has committed INR 333 Cr, Sixth Sense Ventures will invest INR 70 Cr. FirstBridge India will pump in INR 60 Cr, and Madhurima International will infuse INR 50 Cr.

Further, about INR 202 Cr worth of shares have already been allotted to Sixth Sense, FirstBridge, Madhurima International, among others. 

“The object of the issue is to raise funds for business operations and general corporate purposes,” the filing said.

Following the acquisition, KKR will own about 78.64% stake in LEAP India, while Sixth Sense, First Bridge, and Madhurima International will hold.38%, 1.19%, and 0.99% stakes, respectively.

Founded in 2013 by Sunu Mathew, LEAP India provides a wide range of supply chain solutions, including equipment pooling, returnable packaging, inventory management and movement, transportation, and repair and maintenance to a diversified customer base across sectors. 

The startup has raised over $100 Mn across funding rounds to date, and is backed by the likes of TVS Capital, Schroder Adveq, IIFL fund, among others.

Last year, LEAP India acquired Mumbai-based asset-renting firm SKAN Marine.