KKR buys majority stake in logistics firm LEAP India
LEAP India operates a network of 21 warehouses and over 3,500 customer locations, and manages more than 6 million total assets, including pallets and containers.
Global buyout major KKR on Wednesday said it has bought a majority stake in pallet pooling platform LEAP India.
In a statement, KKR said the investment builds on macroeconomic tailwinds and logistics is expected to play a critical role in driving India's growth in the next 25 years.
The company, however, did not disclose the financial details of the transaction.
The transaction is expected to be completed by September, subject to customary pre-closing and closing conditions.
The platform provides supply-chain solutions, including equipment pooling, returnable packaging, inventory management and movement, transportation, and repair and maintenance, to the ecommerce, consumer durables, beverages, fast-moving consumer goods and automotive sectors.
It operates a network of 21 warehouses and over 3,500 customer locations, and manages more than 6 million total assets, including pallets and containers.
KKR's director for infrastructure, Ami Momaya, said the platform has grown rapidly since its incorporation in 2013.
The platform's founder and managing director Sunu Mathew said Mayfield was among its earlier investors and it is keen to tap into KKR's global expertise to accelerate growth.
Edited by Akanksha Sarma