[Funding alert] Logistics startup Rivigo is raising $20M in Series F from SAIF and Spring Canter Investment
Gurugram-based logistics startup Rivigo said that it will be raising Rs 141.97 crore ($20 million) in Series F round of funding, according to the RoC filings accessed by YourStory.
As per the filings, the company has issued 5,086 Series F preference shares at a nominal value of Rs 10, with a premium of Rs 2,79,143 per share to SAIF Partners and Spring Canter Investment Ltd, on December 9.
In July 2019, the firm had closed its Series E funding at $65 million from its existing investors SAIF Partners and Warburg Pincus, to further strengthen its technology and network coverage, which is a key game changer for the larger logistics market in the country.
Rivigo entered the unicorn club in September 2019, after raising $4.97 million from KB Global platform fund, the investment arm of South Korea-based KB Financial Group Inc, at an expected valuation of $1.05 billion.
Founded in 2014 by Gazal Kalra and Deepak Garg, Rivigo, which offers delivery services to ecommerce, pharmaceutical, automobile, cold-chain, and fast-moving consumer goods (FMCG) companies, claims to have a network coverage of more than 29,000 pin codes in India.
In August 2019, the company also shifted its focus towards relay trucking model, which ensures the drivers are behind the wheel for a maximum of four-five hours at a stretch and reach home the same day. According to the company, the model uses algorithms to develop intelligent driver allocation system that picks the driver for duty and allows equal driving hours, rest hours, and transit hours for drivers. Rivigo's system also records the driving behaviour of the drivers.
Gazal Kalra, Co-founder, Rivigo, said,
“With RaaS (Relay-as-a-Service), we aim to offer the benefits of relay trucking to millions of fleet owners in India and bring efficiencies in the logistics industry, while directly addressing one of the biggest challenges of the chronic truck driver shortage."
In FY19, the firm claims to have added Rs 300 crore to its revenue and reported a loss of Rs 600 crore. It is now looking to be EBITDA profitable in March 2020.
(Edited by Suman Singh)