Trucking logistics platform Rivigo raises $2M in Series H funding
Rivigo, based in Gurugram, raised $2 million in a Series H round headed by current investors Elevation Capital and Spring Canter Investment, a Warburg Pincus affiliate. Rivigo has raised Rs 16 crore (around Rs 16 crore).
Elevation Capital and Spring Canter Investment Limited were two venture capitalists that the business obtained funding by issuing 11,840 Series H compulsorily convertible preference shares to each of them, according to regulatory filings with the Registrar of Companies (RoC).
After receiving $4.97 million from the KB Global platform fund, the investment division of South Korean-based KB Financial Group Inc., Rivigo joined the unicorn club in September 2019. The company had been valued at $1.05 billion.
Deepak Garg, stated, “As we complete this transformation, we anticipate being in better shape soon. We’ll conduct a pre-IPO round this year, and in 18 to 24 months, we’ll go public. Prior to Covid, we had a significant loss ratio, but after switching to an asset-light approach, we are now working toward more stable cashflows.”
The company completed its Series F round in December 2019 with investments of Rs 141.97 crore ($20 million) from SAIF Partners and Spring Canter Investment Ltd. The logistics tech unicorn had secured $3.4 million in debt financing from Trifecta Capital as of January 2020.
In another ongoing development, media sources claim that Rivigo is in discussions for a prospective sale with the omnichannel baby products retailer FirstCry and the e-commerce marketplace Flipkart.
Rivigo, founded in 2014 by Stanford alumnus Gazal Kalra and IIT Kanpur graduate Deepak Garg, offers pan-India logistics services to businesses in the e-commerce, pharmaceutical, automotive, cold-chain, and FMCG sectors. Rivigo asserts that it offers the widest network service coverage, encompassing over 30,000 pin codes in India, with more than 250 processing units and more than 70 pit stops.
RIVIGO seems to be an interesting startup with a persuading development on truck transportation platform. I’m certain this startup would keep on thriving in its excursion ahead. All the best to the whole group. This will give them immense achievement later on.Shishir Gupta, Founder and CEO, StartupLanes
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