Logistics Startup Rivigo has raised Rs 16 crore (around $2 million) in a Series H round led by existing investors Elevation Capital and Warburg Pincus affiliate Spring Canter Investment.
The startup is building the material movement pipeline of India through a globally unique innovation of relay trucking, enabled by a strong interplay of technology, data, culture and operational excellence. Its goal is to make logistics human, faster, safer and cost-effective. The company claims to own widest network service coverage, encompassing over 30,000 pin codes in India, with more than 250 processing units and more than 70 pit stops.
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.
Startup Rivigo Claims to serve 30,000 pin codes in India
After receiving $4.97 million from 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.
Regulatory filings with the Registrar of Companies (RoC) revealed that the Gurugram based startup secured about Rs 8 crore each from Elevation Capital and Spring Canter Investment Limited by issuing 11,840 Series H compulsorily convertible preference shares to both VCs.
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.
