New Biz

Trucking logistics firm Rivigo raises $2M in Series H round

Gurugram-based Rivigo has raised Rs 16 crore (around $2 million) in a Series H round led by existing investors Elevation Capital and Warburg Pincus affiliate Spring Canter Investment. 

Regulatory filings with the Registrar of Companies (RoC) revealed that the startup raised about Rs 8 crore each from Elevation Capital and Spring Canter Investment Limited by issuing 11,840 Series H compulsorily convertible preference shares to both VCs.

The company did not comment on the news, till the time of publishing.

In December 2019,  the firm closed its Series F round at Rs 141.97 crore ($20 million) from SAIF Partners and Spring Canter Investment Ltd.

In January 2020, the logistics tech unicorn had raised $3.4 million in debt funding from Trifecta Capital.

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 by IIT Kanpur graduate Deepak Garg and Stanford alumnus Gazal Kalra in 2014, Rivigo provides pan-India logistics services to ecommerce, pharmaceuticals, automobiles, cold-chain, and FMCG companies. With over 250 processing units and more than 70 pit stops, Rivigo says it provides the largest network service coverage, spanning over 30,000 pin codes in India.

Deepak Garg, Founder and CEO, Rivigo

In another ongoing development, media reports say that Rivigo is in talks with ecommerce marketplace Flipkart, and omnichannel baby products retailer FirstCry for a potential sale.

Edited by Affirunisa Kankudti