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Rivigo, Logistics Start-up fetches $20 M funding from Spring Canter and SAIF
Rivigo, Logistics Start-up fetches $20 M funding from Spring Canter and SAIF

Rivigo, Logistics Start-up fetches $20 M funding from Spring Canter and SAIF


Rivigo is a Gurugram based logistics technology company that aims at building the material movement pipeline of India through a globally unique innovation of relay trucking, enabled by a strong interplay of technology, culture, data, and operational excellence. The start-up was founded by Deepak Garg and Gazal Kalra in 2014, to offer delivery services to pharmaceutical, cold-chain, e-commerce, automobile, and fast-moving consumer items (FMCG) companies, and claims to have built a network coverage of more than 29,000 pin codes in India.


According to reports of the RoC fillings, Rivigo has aimed to raise Rs 141.97 Crores ($20 million) in Series F round of funding. The start-up had closed its Series E funding in July 2019 at $65 million from its existing investors Warburg Partners and SAIF Partners with the aim to further strengthen their technology and network coverage. This step acted as a vital changer for the larger logistics market in the country.


The start-up has been re-imagining logistics for India and the world with the help of accurate predictions, simple automated operations, high levels of efficiency and a sturdy and pure mission. The start-up is passionate about building an organization of the future that has the resolve and the strength to develop a New India.


On December 9, the start-up issued 5,086 Series F preference shares at a nominal price of Rs 10, with a premium of Rs 2,79,143 per share to Spring Center Investment Ltd. and SAIF Partners. The start-up also entered the Unicorn Club in September 2019, by magnificently raising $4.97 million from KB Global platform fund, which is the investment arm of South Korea-based KB Financial Group Inc, at a predictable assessment of nearly $1.05 billion, that acted as a positive add-up for the start-up.


The start-up has been transforming the sector with the help of their global-first driver relay model and cutting-edge technology to consistently offer efficient delivery services and reliability to their clients. In the Financial Year of 2019, the start-up claimed to have added nearly Rs 300 Crores to its revenue and faced a reported loss of Rs 600 Crores. The start-up is now looking to be EBITDA profitable in March 2020.

Also, in August 2019, the start-up shifted its attention towards the relay tracking model, which makes sure that the drivers are behind the wheel for a maximum of 4-5 hours at a stretch and are able to reach back home that same day. According to the start-up, the model makes use of an algorithm to develop a smart driver allocation system that picks the driver for duty and permits equal driving hours, transit hours and rest hours for the drivers.

Rivigo’s system also efficiently records the driving behavior of the drivers.
Further, Gazal Kalmra, Co-founder of the company mentioned that the company with the help of RaaS (Relay-as-a-Service) aims to provide the benefits of relay trucking to millions of fleet owners in India and offer efficiencies in the logistics industry, while directly addressing one of the biggest challenges of the chronic truck driver shortage.

 

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