Sixth Sense, FirstBridge India, Madhurima International, and other companies are contributing Rs 535 crore, or around $63 million, to the logistics solution company Leap India. This is the Mumbai-based company’s first financing round of the year.
According to Leap India’s regulatory filing obtained from the Registrar of Companies (RoC), the board has adopted a special resolution to issue 1,16,25,000 preference shares and 17,50,000 equity shares at an issue price of Rs 400 apiece in order to raise Rs 535 crore.
Sixth Sense, First Bridge, and Madhurima International will each contribute Rs 70 crore, Rs 60 crore, and Rs 50 crore to the round, which will be led by private equity company KKR (via Vertical Holding) with Rs 333 crore. The remainder will be invested by the Niveshaay Sambhav Fund and private investors, such as Madhu Sudhir Jain and Rakesh Shah.
According to the statement, the additional funds will be utilized for company operations and to fulfill the firm’s general corporate needs.
The media predicts that the company’s post-allotment valuation will be approximately Rs 5,060 crore, or $600 million.
The filing states that KKR will now own around 78.64% of Leap India, with Madhurima International, Sixth Sense, and First Bridge holding 1.38%, 1.19%, and 0.99% of the company, respectively.
With services including equipment pooling, packaging, inventory management, shipping, and repair and maintenance, Leap India is an expert in supply chain solutions. E-commerce, consumer durables, drinks, and the automobile sector are among its clients industries.
With a combination of primary and secondary investments, the private equity firm KKR acquired the majority of Leap India last year. TVS Capital, North Heaven, Mayfield, Morgan Stanley, and other early backers apparently had a full exit as a result of the infusion. Morgan Stanley invested $25 million in the Mumbai-based company in 2021.
The annual statements for the prior fiscal year have not yet been posted by the company. The company’s scale increased by 20% year over year to Rs 257 crore in FY23, and it made Rs 9 crore in profit during that time.
