KKR-backed LEAP India sets Gulf target of 3 million pallets

LEAP India, the KKR-backed pallet pooling company, is planning a major push into the Gulf market. The firm aims to deploy at least three million pallets in Gulf countries within the next four to five years, a target that represents roughly one-third of its current fleet size.

Founder and Managing Director Sunu Mathew said the company has already secured a license from Saudi Arabia's Ministry of Investment and established a holding company in Abu Dhabi. The Gulf expansion is expected to be a key growth driver alongside rising domestic consumption in India.

The company, which holds over 90% share of the pallet pooling sector in India, launched its initial public offering on Friday. The IPO includes a fresh issue of shares worth up to 4.8 billion rupees ($50.7 million) and an offer-for-sale of up to 20 billion rupees.

LEAP India rents pallets, containers, and material-handling equipment to more than 1,000 customers across consumer goods, food and beverage, and logistics sectors. As of March 31, the company had 14.7 million pooling assets, according to its IPO prospectus.

In India, Mathew noted that pallet adoption remains low at just 15%-17%, leaving ample room for growth. The company's prospectus projects the domestic pallet pooling market to grow at a 14.9% compound annual rate between fiscal years 2026 and 2031.

LEAP has been adding roughly 700,000 pallets annually in India over the last six to seven years, a pace Mathew expects to continue. The company also sees new opportunities in sectors such as solar panel manufacturing.

For the year ended March 31, LEAP India's revenue from operations rose 56.4% year-on-year to 7.30 billion rupees, while net profit increased to 623.4 million rupees from 375.6 million rupees. Organic revenue growth stood at 24%-25%, with the remainder coming from CHEP India, which LEAP acquired from Australia-based Brambles in 2025.