The company has an asset pool of approx 4 million units, including pallets, foldable large containers (FLC), crates and utility boxes, it said.
LEAP now aims to achieve a total asset pool of 6 million and provide technologically advanced products to the market, its founder promoter and managing director Sunu Mathew said.
Its business is linked to India’s consumption story and primarily caters to fast-moving consumer goods (FMCG), consumer durables, beverages, e-commerce, retail, auto and auto-component manufacturing sectors, Morgan Stanely said in the statement.
The timber pallets and plastic utility boxes are used by companies in FMCG and beverages sectors, it said, adding auto companies use FLCs and crates.
LEAP, which provides these assets on lease and helps in integrating the supply chain across suppliers, manufacturers, 3PL service providers and retailers, has a large footprint in India catering to over 600 customers and more than 7,000 touch-points from a pan-India network of 18 warehouses.
“LEAP has been able to navigate the COVID-19 situation successfully and has emerged stronger with an increased market share.
“In terms of market opportunity, India is hugely under-penetrated in terms of palletisation. With our investment, we expect that LEAP will further consolidate its market-leading position,” Shyamsundar Gurumoorthy, MD and Co-Head of Morgan Stanley India Infrastructure, said.
Morgan Stanley India Infrastructure has also invested in Unison Enviro, a city gas distribution company, in partnership with Ashoka Buildcon and in Healthmap Diagnostics.