Logistics Tech Firm Rivigo Raises $65 Mn from Existing Investors

Gurgaon-headquartered Rivigo, a technology-enabled logistics startup, has raised a funding of $65 million (~ Rs 445 Crore) in the ongoing series E round led by existing investors Warburg Pincus and SAIF Partners.

The company plans to utilise the money to further strengthen its technology and network coverage. Rivigo has a network coverage with more than 29000 pin codes in India.

After raising a $50 million equity financing in January last year, this is the second successive round of funding that has been led by the same two investors.

In the $150-160 billion Indian road freight market, Rivigo's technological prowess and relay trucking model has ensured the company creates significant value for the sector, says Deepak Garg, Founder and CEO, Rivigo.

The latest fund infusion is part of an ongoing Series E round, Rivigo said in its statement. It will use the proceeds to to further strengthen its technology and network coverage. The January 2018 capital raise was believed to have valued the five-year-old company at about $900-$950 million. It, however, did not disclose its valuation, post the closure of this latest round of funding.

Few days back, Mumbai-headquartered Freight Tiger, a B2B logistics technology startup, had raised $8 million in a funding round led by venture capital firm

Source - Economic Times