Jaipur-based Rajasthan Venture Capital Fund (RVCF) has invested INR 15 crore in Leeway Logistics for an undisclosed stake. The investment made is through SME Tech Fund and will be used for the expansion of its current business and widening its customer base. Girish Gupta, CEO of RVCF, will join the company's board as a part of the deal. Horizon Global Research, which is a financial services company, was the key investment banker for the deal.
Leeway Logistics currently serves domestic and international operations of more than 170 Fortune 500 companies. Till date, they have undertaken more than 400 contracts and have General Motors, GSK, HUL, Coca Cola and many more in their portfolio. They operate as a Third Party Logistics (3PL) player following an Asset Light Business Model.
Leeway Logistics was founded in 2010 by a team of professionals with extensive experience in Logistics Solutions across industry verticals, corporate people movement, services industry and leading multinationals. With main focus on Corporates in the manufacturing, distribution areas and service industries, they currently want to leverage on by offering end-to-end Supply Chain Solutions and Corporate People Movement Solutions. Sanjay Sinha, Managing Director, Leeway Logistics, has more than 33 years of professional experience in large Indian and multinational companies.
Rajasthan Asset Management are managers to Rajasthan Venture Capital Fund (RVCF), which is a professionally managed and privately held company and manages two SEBI registered domestic venture capital funds – RVCF Fund I and SME TECH FUND – RVCF Trust II supported by 11 investors including Rajasthan State Industrial Development and Investment Corporations and Small Industries Development Bank of India as lead investors.
RVCF aims to invest in start-up and mid-stage companies, operating in high growth sectors with a sustainable revenue model and a highly motivated and experienced management team. They are Rajasthan's first venture capital fund, mandated to operate on pan-India basis. Their recent investments include PR Packaging, Shree Eduserve and NexTenders (India). Girish Gupta said that the fresh infusion of fund will facilitate the company's entry to the next growth orbit. They are targeting a corpus of $100 million by 2011-12 to operate in global market.
Source: Silicon India