[Funding alert] Logistics startup Rivigo raises $65M from SAIF Partners and Warburg Pincus
Technology-enabled logistics startup Rivigo raised its Series E funding of $65 million from its existing investors SAIF Partners and Warburg Pincus. The startup aims to use these funds to further strengthen its technology and network coverage, which is a key game changer for the larger logistics market in the country.
The startup claims to have improved its financial metrics across all business verticals, and aims to be profitable by the end of this financial year. Adding up to the momentum, the startup recently launched National Freight Index (NFI), in order to bring transparency to the largely unorganised logistics space.
Rivigo now claims to have a network coverage of more than 29,000 pin codes in India.
Deepak Garg, Founder and CEO of Rivigo, said in a press statement,
“We continue on our mission to make logistics human and digital. Relay trucking is now very well established where relay truck pilots lead better life and customers gets exceptional service. With technology and freight marketplace, we now want to bring relay to every truck in the country.”
When the ecommerce industry took flight in India, one sector that immediately gained prominence was the logistics space, as startups rushed to provide efficient business-to-consumer (B2C) supply chain solutions to online retailers. Now, the large but fragmented logistics sector is once again emerging the darling of investors and startups alike – only this time, in the business to business (B2B) space.
Thanks to the growing need for tech-enabled, innovation-driven solutions to transform the logistics and supply chain market, investor interest in startups in the space has already seen a notable increase.
Founded in 2014 as TruckFirst, Gurugram-based Rivigo has notably innovated with its relay trucking model, which ensures that the drivers are behind the wheel for a maximum of four-five hours at a stretch and reach home the same day.
Earlier this year, Gurugram-based Delhivery became the first Indian logistics provider to achieve unicorn status. And B2B logistics tech startup Blackbuck achieved soonicorn status with its recent fund-raise.
(Edited by Evelyn Ratnakumar)