Indian logistics player raises $13m Series B round

The investment is understood to include participation from existing backers Mayfield and Rishabh Mariwala, the manager of domestic family office Sharp Ventures. It comes as the approval of a reformed goods and services tax (GST) regime contributes to increasing private equity interest in Indian supply chains.

"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," said Vikram Godse, managing partner at Mayfield, according to The Economic Times. "By leasing pallets to customers, Leap is ensuring faster proliferation of pallets across India's warehouses."

Founded in 2013, Leap offers pallet and container rentals across India, with ancillary operations ranging from lumber sourcing to marketing and strategic management services. The new capital is expected to be applied to staffing improvements and optimization of the equipment pooling business.

According to AVCJ Research, Mayfield made a $3 million investment in Leap last year after committing $4.1 million in late 2014. The company is estimated to have raised $23 million in equity and debt funding to date.

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• Topics
• South Asia
• Industrials
• Support services
• Early-stage
• India
• Logistics
• Mayfield
• Growth capital