Rivigo raises $20 million in Series F funding round: Report
What's the story
Gurugram-based unicorn Rivigo has raised $20 million (Rs. 142 crore) in a Series F round of funding. According to regulatory filings cited by Inc42, the start-up, which offers India-wide logistics solutions, has received the Series F investment from SAIF Partners and Spring Canter Investment Ltd. as well as an additional $3.4 million (Rs. 25 crore) debt funding from Trifecta Capital. Here's all about it.
Rivigo
First, a bit about Rivigo and its work
Rivigo was founded in 2014 by Deepak Garg and Gazal Kalra with a vision to make material movement faster, safer and in a cost-effective manner. The company, which offers its services to e-commerce, pharmaceutical, automobile, and FMCG (fast-moving consumer goods) firms, claims to provide logistics solutions through a globally unique method, enabled by a strong interplay of technology, data, and operations excellence.
Future plans
How Rivigo will use the fresh funds
According to previous reports, the company is gearing up to cut down its losses in the near future. But, Rivigo hasn't commented on the latest fund-raise. The start-up, which turned unicorn last year, had reported a loss of Rs. 600 crore and a revenue of Rs. 1,028 crore for FY19. It is also eyeing to be EBITDA profitable in March 2020.
Relay trucking
Rivigo introduced relay trucking model last year
Further, in an attempt to enhance its efficiency, reduce operational costs, and overcome the challenges of truck driver shortage, Rivigo recently introduced a relay trucking model called RaaS (Relay as a Service). The model ensures that the drivers are behind the wheel for a maximum of four-five hours in a single stretch and reach their home the same day.
Investment
Finally, here's a look at the previous investments in Rivigo
Prior to this investment, Rivigo had raised $4.9 million in September 2019 from KB Global. The company had also received $65 million in a Series E round of funding from existing investors SAIF Partners and Warburg Pincus in July 2019. And, with the inclusion of this funding, the total capital raised by the company now stands at around $270 million.