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KKR-owned Leap India converts to public company, appoints independent directors

EntrackrEntrackr · 5m ago
KKR-owned Leap India converts to public company, appoints independent directors
Medial

Exclusive: KKR-owned Leap India converts to public company, appoints independent directors Logistics solutions startup Leap India is all set to convert into a public company, signalling plans to file for an initial public offer (IPO). LEAP India was reportedly eyeing a Rs 1,000 crore IPO in 2022, but the plans were later delayed after the entity was acquired by KKR. The board of Leap India passed a resolution to change its status to a public company and rename it from “Leap India Private Limited” to “Leap India Limited”, as per its regulatory filing accessed from Registrar of Companies (RoC). In line with regulatory requirements, the company has also appointed Harinarayanan Nair and Sanjiv Gupta as independent directors to strengthen its board and governance structure as it transitions into a listed entity. With over 30 years of experience in the logistics sector, Nair has held key positions at multiple companies including Wipro Pari, Signode, and ITW India. Gupta, Founder and Chairman of Bluwheelz, has also held leadership roles at Coca-Cola and SpiceJet. Founded in 2013 by Sunu Mathew, Leap India specializes in supply chain solutions, providing services such as equipment pooling, packaging, inventory management, transportation, and repair and maintenance. It caters to clients across industries including e-commerce, consumer durables, beverages, and automotive. According to startup data intelligence platform TheKredible, Leap India has raised over $180 million to date including a $63 million round raised in December 2024 led by KKR with the participation of Sixth Sense Ventures, FirstBridge India and others at a valuation of $600 million. KKR holds a controlling stake of 78.64% in the Mumbai-based firm. The global investment firm acquired the majority stake in Leap India in 2023 through a combination of primary and secondary investments. In January this year, Leap India acquired supply chain company CHEP India Private Limited (CIPL). The acquisition involved the transfer of CIPL’s assets, customer base, and team to Leap India. For the fiscal year ended March 2024, Leap India reported a 44% increase in operating income to Rs 365 crore from Rs 253 crore in the previous fiscal. Its profit also surged 4X to Rs 37 crore during the same period.

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Amagi appoints independent directors ahead of IPO

EntrackrEntrackr · 7m ago
Amagi appoints independent directors ahead of IPO
Medial

Amagi, a cloud-based media SaaS company, has appointed two independent directors in compliance with the Companies Act, ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The board at Amagi has appointed Ira Gupta and Giridhar Sanjeevi as independent directors of the company, its regulatory filings accessed from the Registrar of Companies (RoC) shows. Gupta currently serves as an Independent Director at SRF Limited and Senior Advisor at McKinsey & Company. Previously, she was Head of HR at Microsoft India and held leadership roles at GlaxoSmithKline. The details about Sanjeevi couldn’t be ascertained. As per media reports, Amagi is planning to raise Rs 3,200 crore through public listing, and has appointed Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as book-running lead managers. Amagi is a cloud-based media SaaS company offering solutions for content creation, distribution, and monetization. Its platform enables broadcasters to virtualize operations and deliver personalized ads for clients such as Warner Bros., NBCUniversal, Rakuten TV, and Paramount. According to startup data intelligence platform TheKredible, the SaaS unicorn has raised around $340 million to date from investors including Premji Invest, Accel, General Atlantic and others. Amagi, which had secured a stable revenue stream following a challenging pivot, became a unicorn in March 2022 after raising $100 million in its largest funding round led by General Atlantic. During the fiscal year ending March 2024, the company recorded 29% year-on-year growth in its operating revenue to Rs 879 crore while managing to reduce its losses by 23.7% to Rs 245 crore in FY24. Several companies gearing up for their IPOs—such as Zepto, Milky Mist, PhysicsWallah, and Shadowfax—have recently added independent directors to their boards to comply with SEBI’s regulatory norms. In April, Zepto brought on Akhil Gupta, Vice Chairman of Bharti Enterprises, as an independent director. That same month, Milky Mist appointed Radha Venkatakrishnan and Mallika S. Janakiraman as additional (independent) directors. Earlier, edtech unicorn PhysicsWallah and logistics startup Shadowfax each named three independent directors in March and February, respectively.

Milky Mist appoints independent directors ahead of IPO

EntrackrEntrackr · 8m ago
Milky Mist appoints independent directors ahead of IPO
Medial

Indian dairy company Milky Mist has appointed two independent directors to comply with the Companies Act’s independence requirements ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The board at Milky Mist has appointed Radha Venkatakrishnan and Mallika S Janakiraman as additional directors (in the capacity of independent directors), its regulatory filing accessed from the Registrar of Companies (RoC) shows. According to media reports, the company plans to raise Rs 2,000 crore through its IPO, comprising a mix of fresh issues and offers for sale, with an estimated valuation of around $2.3 billion. JM Financial, IIFL Capital, and Axis Bank are likely to serve as lead managers for the offering. Founded by T. Sathish Kumar, Milky Mist follows a direct farm-to-fork model, sourcing milk from farmers and processing it in its facility. Specializing in value-added dairy products like paneer, cheese, and curd, it serves modern trade, quick commerce, and HoReCa segments. The company claims to process 1.5 million litres of milk daily at its fully automated 75-acre facility in Perundurai, Tamil Nadu. During the fiscal year ending March 2024, the company recorded 33% year-on-year growth in its revenue to Rs 1,900 crore. However, its profit slipped to Rs 19.46 crore in FY24 from Rs 28 crore in FY23. Recently, several companies such as Zepto, Physics Wallah, and Shadowfax have appointed independent directors to comply with regulatory requirements set by the Securities and Exchange Board of India (SEBI) ahead of their planned public listings.

LEAP India, Molbio Diagnostics secure SEBI nod for IPO

EntrackrEntrackr · 16d ago
LEAP India, Molbio Diagnostics secure SEBI nod for IPO
Medial

LEAP India, Molbio Diagnostics secure SEBI nod for IPO Logistics solutions firm LEAP India and Goa-based molecular diagnostics company Molbio Diagnostics have secured approval from the Securities and Exchange Board of India (SEBI) to launch their initial public offering (IPO). The regulator’s observations, published recently, mark a significant milestone for both companies as they prepare to enter the public markets. The approvals come months after LEAP India filed its draft red herring prospectus (DRHP) to raise up to Rs 2,400 crore. The issue comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) of Rs 2,000 crore. The OFS will be led primarily by Vertical Holdings II Pte. Ltd., a promoter entity backed by global investment firm KKR, which plans to divest shares worth Rs 1,998.6 crore. Another promoter group entity, KIA EBT Scheme 3, will offload shares worth around Rs 13.8 crore. Ahead of its plans to go public, the company converted itself into a public limited entity in July 2025 and appointed independent directors to strengthen its board, a development earlier reported exclusively by Entrackr. LEAP India, which provides pallet, container, and asset-pooling solutions to large FMCG, e-commerce, and pharma companies, has been expanding its fulfilment centres and customer touchpoints to tap the surge in demand for organised supply-chain infrastructure. In FY25, the firm reported 28% YoY revenue growth to Rs 466 crore, while maintaining its Rs 37.5 crore PAT, on the back of higher asset utilisation. Meanwhile, in August 2025, Molbio Diagnostics filed its DRHP proposing a fresh issue of Rs 200 crore and an OFS of up to 1.25 crore shares. Selling shareholders include Exxora Trading LLP, Dr Chandrasekhar Bhaskaran Nair, Abdul Qadir Mohamed Theruvath, among others. Molbio, known for its Truenat point-of-care molecular testing platform deployed across TB, HPV, COVID-19, and other infectious diseases, plans to use the IPO proceeds to expand manufacturing capacity and boost R&D infrastructure. The company logged Rs 1,020 crore in revenue and Rs 138.5 crore profit in FY25, reaffirming the growing demand for decentralised diagnostics solutions in India and emerging markets.

Meesho appoints three independent directors

EntrackrEntrackr · 1y ago
Meesho appoints three independent directors
Medial

E-commerce firm Meesho has appointed Jubilant Bhartia Group founder Hari S Bhartia along with three other seasoned business leaders as independent directors. Along with Bhartia, Meesho has onboarded former JP Morgan Chairman Kalpana Morparia and PhonePe non-executive Chairman Rohit Bhagat to its board of independent directors. Bhartia is also the co-chairman of Jubilant Ingrevia Ltd and Jubilant FoodWorks Ltd, the master franchisee of Domino’s Pizza and Dunkin’ Donuts restaurants in India. Before serving JP Morgan, Morparia was at ICICI Bank. In May, Meesho appointed Surojit Chatterjee as an independent director to its board. The development comes at a time when Meesho is in the process of moving its domicile to India from the US. Meesho recently announced an employee stock ownership plan (ESOP) buyback program of Rs 200 crore (approximately $25 million), making it the company’s largest ESOP buyback pool to date.

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