ETtechPallet pooling firm Leap has raised $34 million in a secondary round from investors led by Schroder Adveq and IIFL fund, giving early backers Mayfield Fund, IndiaNivesh and Six Sense Ventures a partial exit.
The company had raised $25 million from Morgan Stanley in a primary round in February.
“The round was at a premium to the valuation at which Morgan Stanley invested earlier this year,” a source with knowledge of the development said, without giving details.
Founded by Sunu Mathew in 2013, Leap is one of the largest pallet pooling companies with an asset pool of approximately four million units including pallets, foldable large containers, crates and utility boxes.
“Our existing investors have sold partial stake and will take home 7x returns on their investments,” said Mathew.
According to him, the company’s earnings before interest, tax, depreciation and amortisation (Ebitda) is more than Rs 100 crore.
“We do not need more capital as the company is already generating cash. We might raise further capital if inorganic growth opportunities come by,” Mathew said. “We plan to enter other Asian markets after having cornered a sizeable market in India.”
This is the third large exit in the last 30 days for Mayfield, after it partially sold stake in Licious (part of its Series F round) and exited fully from Simplilearn (acquired by Blackstone).
Mayfield will continue to hold around 10% stake in the company.
The company had raised $25 million from Morgan Stanley in a primary round in February.
Mayfield, the company’s first institutional investor, led its seed round in December 2014, after which Leap raised its Series A round from Sixth Sense and IndiaNivesh.
“The round was at a premium to the valuation at which Morgan Stanley invested earlier this year,” a source with knowledge of the development said, without giving details.
Founded by Sunu Mathew in 2013, Leap is one of the largest pallet pooling companies with an asset pool of approximately four million units including pallets, foldable large containers, crates and utility boxes.
“Our existing investors have sold partial stake and will take home 7x returns on their investments,” said Mathew.
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According to him, the company’s earnings before interest, tax, depreciation and amortisation (Ebitda) is more than Rs 100 crore.
“We do not need more capital as the company is already generating cash. We might raise further capital if inorganic growth opportunities come by,” Mathew said. “We plan to enter other Asian markets after having cornered a sizeable market in India.”
This is the third large exit in the last 30 days for Mayfield, after it partially sold stake in Licious (part of its Series F round) and exited fully from Simplilearn (acquired by Blackstone).
Mayfield will continue to hold around 10% stake in the company.
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