World Bank's IFC to Invest $21 Mn in Mumbai-based LEAP India

World Bank's investment arm International Finance corporation (IFC) is in advanced talks to invest around $21 million (₹138 crore) in Mumbai-based LEAP India, a supply chain solutions startup, to fund the startup's capital expenditure plans for the next five years.

According to an IFC disclosure, the presence of IFC as an equity investor will provide comfort to additional investors and help the startup attract more debt funding required to complete its expansion plans.

"In addition to the expected equity investment, the team will also explore long-term debt financing to the company that is currently not available in the local market," said IFC in a statement.

Founded in 2013 by Sunu Mathew, LEAP India provides pallet and container on rental across India. Its core business is of returnable packaging and pooling of equipments 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.

In late last month, LiveMint reported that LEAP India is close to raising ₹300 crore of equity from global investors along with few existing investors.

So far, LEAP India has raised a total of $23.8 Mn in four funding rounds. LEAP India’s existing investors include Mayfield Fund, IndiaNivesh, Sixth Sense Ventures, TCI Ventures, and SSG Capital Management Group.

In May this year, the startup raised debt of about ₹25 crore from Avendus Finance, the non-banking financial company (NBFC) business of KKR-backed Avendus Capital. Prior to which, in January 2017, the company had raised $13 million from new and its existing investors.

LEAP has a pan India network comprising 18 warehouses, 14 contract manufacturing centres and a team of 270 employees.

About IFC, a member of the World Bank Group, it has already backed quite a few Indian startups like Byju's, Lenskart, Bigbasket and Blackbuck, with ticket sizes upwards of $5 million at Series-B stage and onward.

In April this year, Bengaluru-based Lithium Urban Technologies, an electric vehicle cab provider to corporate sector, had approached IFC for proposed $8 million investment for an equity.

Source - Business Standard

[Top Image - LEAP India]

World Bank's IFC to Invest $21 Mn in Mumbai-based LEAP India

World Bank's investment arm International Finance corporation (IFC) is in advanced talks to invest around $21 million (₹138 crore) in Mumbai-based LEAP India, a supply chain solutions startup, to fund the startup's capital expenditure plans for the next five years.

According to an IFC disclosure, the presence of IFC as an equity investor will provide comfort to additional investors and help the startup attract more debt funding required to complete its expansion plans.

"In addition to the expected equity investment, the team will also explore long-term debt financing to the company that is currently not available in the local market," said IFC in a statement.

Founded in 2013 by Sunu Mathew, LEAP India provides pallet and container on rental across India. Its core business is of returnable packaging and pooling of equipments 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.

In late last month, LiveMint reported that LEAP India is close to raising ₹300 crore of equity from global investors along with few existing investors.

So far, LEAP India has raised a total of $23.8 Mn in four funding rounds. LEAP India’s existing investors include Mayfield Fund, IndiaNivesh, Sixth Sense Ventures, TCI Ventures, and SSG Capital Management Group.

In May this year, the startup raised debt of about ₹25 crore from Avendus Finance, the non-banking financial company (NBFC) business of KKR-backed Avendus Capital. Prior to which, in January 2017, the company had raised $13 million from new and its existing investors.

LEAP has a pan India network comprising 18 warehouses, 14 contract manufacturing centres and a team of 270 employees.

About IFC, a member of the World Bank Group, it has already backed quite a few Indian startups like Byju's, Lenskart, Bigbasket and Blackbuck, with ticket sizes upwards of $5 million at Series-B stage and onward.

In April this year, Bengaluru-based Lithium Urban Technologies, an electric vehicle cab provider to corporate sector, had approached IFC for proposed $8 million investment for an equity.

Source - Business Standard

[Top Image - LEAP India]

LEAP India Gets $3M in Bridge Round Led by Mayfield, Plans to Raise $40M More

LEAP India Pvt Ltd, which provides supply chain management services, has raised around $3 million in a bridge round led by global venture capital firm Mayfield, an existing investor, with participation from a few individual investors.

In December 2014, the company received around $4.1 million from the Silicon Valley-based Mayfield. Founded in July 2013 by Sunu Mathew, LEAP (Leading Enterprise in Advanced Pooling) India has been floated by a group of professionals with multi functional experience. It varies from strategic management, business & operations management lumber sourcing, distribution business, channel marketing, sales and supply chain. The firm is engaged in returnable packaging and pooling of equipment like wooden pallets, plastic containers, boxes and metal wire mesh. It caters to all sectors which use these products to store or transfer goods from one location to another.

“The company is in talks to raise around $40 million more,” as per DealsStreetAsia report. It will raise $20 million through equity in a couple of weeks and the remaining $20 million will be raised from various banks in tranches whenever needed, he added. The newly raised funding will be used to buy assets like pallets for FMCG business, foldable large containers (FLCs) and others.

In April 2016, Mayfield has invested $3 million series A round in Bangalore-based consumer food firm Licious for technology enhancement, marketing and consumer acquisitions. Its other investments in India include Bharat Matrimony, resto bar chain Beer Cafe, daily deals site Dealsandyou among others. In May, the VC firm announced that it has raised $525 million across two new funds ‘Mayfield XV’ and ‘Mayfield Select’. With this, Mayfield will target later-stage investments.

Image Source: ShutterStock