LEAP Raises $34 MN In Funding Round
- ByAyushi Ray | August 4, 2021
Pallet pooling company LEAP raises $34 Mn in funding Round. Logistics tech startup LEAP was founded by Sunu Mathew in 2013, and offers products and services for transportation and storage management and warehouses. They have raised $34 Mn in this secondary funding round which was led by Schroder Adveq and IIFL fund. Early investors Mayfield Fund, IndiaNivesh, and SixSense Ventures have announced a partial exit with this round. Mayfield, however, will continue to have a 10% stake in the company after the secondary sale. The company raised $25 Mn from Morgan Stanley in a primary round in January this year.
The company has an asset pool consisting of 4 Mn units, which includes pallets, large foldable containers, and utility boxes. LEAP primarily caters to the consumer goods, automotive sectors. Like other pallet pooling companies, LEAP manages pallets for the supply chain operations. Businesses can save costs and increase delivery efficiency by pooling pallets with LEAP and other companies, instead of buying them outright. LEAP handles repair and maintenance of the pallets that are used by its customers, thereby reducing their warehousing overheads. In a statement to ET, Mathew said that the investors that sold their partial stake saw a 7x return on their investment. He added that the company’s net earnings is more than INR 100 Cr.
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