The round saw participation from existing investors Mayfield and Marico’s Rishabh Mariwala, who manages Sharp Ventures, the family office of Marico founder and Chairperson Harsh Mariwala also participated in the round.
Founded by Sunu Mathew in 2013, LEAP is a pallet and container rental provider across India.
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LEAP India deals in returnable packaging and pooling of equipments,a namely wooden pallets & boxes, plastic containers, metal wire mesh catering to all sectors that work with these products to store or transfer goods from one site to another.
According to the company website, its clients include Tata Motors, LG, Bluedart, Abbott, Carlsberg, All Cargo, etc.
Talking about the startup, Vikram Godse, managing partner of MF Advisors LLP, the Indian arm of venture capital firm Mayfield said, “With the onset of GST, the size of warehouses will only get larger. In order to bring efficiency in the supply chain, scaling up these large warehouses seems difficult without the usage of pallets. By leasing pallets to customers, LEAP is ensuring a faster proliferation of pallets across India’s warehouses.”
The startup will use the newly raised funding for strengthening the team and developing asset pooling service.
Other startups in this segment include Shipsy, Assettrackr, LogiNext, and Delhivery.