Rivigo raises $5 mn from Seoul-based fund

Gurugram-based logistics technology firm Rivigo Services has raised $5 million from Seoul-based KB Global Platform Fund through Series E1 compulsorily convertible preference shares.

KB Global Platform Fund will hold a 0.46% stake in the company through the stake-buy, as per official documents accessed by TechCircle.

The company plans to use the funds for expansion of operations and strengthening its financial position.

Post the current funding round, the logistics-technology firm is valued approximately at $995 million, just a tad short of the $1 billion unicorn status.

In July, Rivigo had raised $65 million from existing investors Warburg Pincus and SAIF Partners to strengthen its technology and network.

Post the current fundraising, the three major shareholders in the company- co-founder Deepak Garg, Warburg Pincus and SAIF Partners - continue to hold roughly one-third stake each.

Rivigo provides transport services across ten industries such as clothing, ecommerce, automotive, frozen and processed foods, fast moving consumer goods and automobiles. 

Rivigo has a fleet of over 3,000 trucks, and it claims to have a network in more than 29,000 pincodes in the country.