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

EntrackrEntrackr · 10d 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 · 2m 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 · 3m 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.

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.

KKR-owned Leap India profit surges 4X in FY24

EntrackrEntrackr · 5m ago
KKR-owned Leap India profit surges 4X in FY24
Medial

Fintrackr All Stories KKR-owned Leap India profit surges 4X in FY24 Logistics solutions startup Leap India recorded a 44% year-on-year revenue growth for the fiscal year ending March 2024. Moreover, the Mumbai-based company's profits surged 4X during the same period. Logistics solutions startup Leap India secured $63 million in funding from KKR in December last year, driven by a 44% year-on-year revenue growth for the fiscal year ending March 2024. Moreover, the Mumbai-based company's profits surged 4X during the same period. Leap India’s revenue from operations grew to Rs 365 crore in FY24 from Rs 253 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Leap India provides supply chain solutions, including equipment pooling, packaging, inventory management, transportation, and maintenance. Serving e-commerce, consumer durables, beverages, and automotive industries, it operates 25 warehouses and 22 manufacturing units. Income from services contributed 95.6% of total revenue, which grew 43.6% to Rs 349 crore in FY24. The remaining revenue came from the sale of pallets and forklifts. The company also earned Rs 7 crore, bringing total income to Rs 372 crore in FY24 from Rs 258 crore in FY23. For an end-to-end supply chain company, the depreciation and finance costs formed 50.5% of the overall expenditure which cumulatively increased to Rs 164 crore in FY24. Its employee benefits grew by 93.8% to Rs 62 crore in the last fiscal year. The legal, freight, travel, and other overheads took the total expenditure up by 31% to Rs 325 crore in FY24 from Rs 248 crore in FY23. The 44% scale and controlled expenditure led KKR-backed firm to spike its profits by 4.1X to Rs 37 crore in FY24, compared to Rs 9 crore in FY23. On a unit level, it spent Rs 0.89 to earn a rupee of opening revenue. Its ROCE and EBITDA margins stood at 8.26% and 56.72% respectively. Last year, private equity firm KKR invested in Leap India, acquiring a majority stake through a mix of primary and secondary investments. That infusion reportedly gave TVS Capital, North Heaven, Mayfield, Morgan Stanley, and other early backers a complete exit. In 2021, Morgan Stanley invested $25 million in the firm. Leap India has raised over $180 million to date and was valued at $600 million. According to the filing, KKR controls around 78.64% stake in Leap India while Sixth Sense, First Bridge, and Madhurima International command 1.38%, 1.19%, and 0.99%, respectively.

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