A tech logistics startup, Rivigo which uses technology to provide reliable delivery networks in India, has received an investment of $50 million. The funding falls into a Series D round.
According to the company’s website, Rivigo has trucks which cross at least 50kmph, as compared to the average speed of delivery trucks at 15kmph in the delivery industry. The startup uses its own ‘driver relay’ model to perform deliveries.
Funding raised by the company in this Series D round comes from SAIF Partners and Warburg Pincus, the latter of which, according to a board meeting, was appointed Series D compulsory convertible cumulative preference shares worth Rs 113.61 crore, Economic Times reported. According to documents filed by Rivigo, SAIF Partners was also allocated the same kind of shares with a total worth of Rs 208.88 crore.
The 2017 fiscal year brought the logistics startup a 170 percent increase in revenues to Rs 402 crore, as well as an increase in losses from Rs 5.5 crore to Rs 137 crore.
It is expected that the Gurugram-based startup, founded in 2014 by Deepak Garg, closed its Series D round about a month ago. Before this Series D round, the startup has raised $100 million. In November 2016 the startup raised $75 million from Warburg Pincus
(Picture courtesy: https://www.brandsofdesire.com/rivigo/)
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