Surface logistics company Rivigo has raised $65 million series E round led by existing investors Warburg Pincus and SAIF Partners. With this fresh round, the company had raised about $100 million this year.
In February this year, Rivigo raised $35.6 million from the same investors.
Rivigo plans to deploy funds towards strengthening its technology and network coverage, a key game changer for the larger logistics market in India. The firm has the largest network coverage with more than 29,000 pin codes in India.
While the company didn’t disclose its valuation in the round, it’s likely to have crossed a billion USD. According to previous media reports, Rivigo was valued about $948 million.
Rivigo offers trucking facilities across 10 industries across verticals including apparels, e-commerce, automotive, frozen and processed foods, FMCG and automotive. With a fleet of more than 3,000 trucks, it claims to deliver anywhere from anywhere in India within three days.
Rivigo has three products – Relay Full Truck Load, Express Cargo and Coldchain. This unique driver relay model ensures 50-70% reduction in transit times. It claims to complete Delhi to Guwahati or Delhi to Chennai trips in 3 days against the industry average of 7-8 days.
Started in 2015, Rivigo has so far raised about $270 million in equity and debt from SAIF, Warburg, Trifecta Capital, Kotak Mahindra Bank, HDFC Bank, and YES Bank.
Rivigo closely competes with Blackbuck, GATI, Fortigo and several others.
Rivigo posted a revenue of Rs 719.85 crore in FY18, about 76.4% increase from Rs 408.11 crore in FY17. During the period, it incurred losses Rs 270.23 crore which was almost doubled from the previous fiscal.