Logistics platform Rivigo to raise $20 mn from SAIF Partners, Warburg Pincus

Logistics platform Rivigo to raise $20 mn from SAIF Partners, Warburg Pincus
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16 Dec, 2019

Gurugram-based logistics technology firm Rivigo Services is in line to raise $20 million in a growth round (Series F) from returning investors private SAIF Partners and Warburg Pincus. 

SAIF Partners, the Gurugram-based early-to-mid stage investment firm, will invest $8.3 million while New York headquartered private equity firm Warburg Pincus will infuse $11.7 million, Rivigo’s latest regulatory filings showed. Warburg is making the investment through Mauritius-registered entity Spring Canter Investment.

The investment proposal is pending approvals from the shareholders of the company.

So far, Rivigo has raised $234 million, mostly from SAIF Partners and Warburg Pincus, according to data available with VCCEdge.

In September this year, the company raised $5 million from Seoul-based KB Global Platform Fund. The round valuing the company at approximately $995 million, just a tad short of the $1 billion unicorn status. In July this year, Rivigo raised $65 million from Warburg Pincus and SAIF Partners to strengthen its technology and network.

Founded in 2014 by Deepak Garg and Gazal Kalra, Rivigo provides transport services across ten industries such as clothing, ecommerce, automotive, frozen and processed foods, FMCG and automobiles. It manages a fleet of over 3,000 trucks and it claims to have a presence in more than 29,000 pincodes in the country. 

In October, the company reported a 42% growth in revenues to Rs 1,028 crore for the financial year 2018-19. Losses widened to Rs 600 crore against Rs 270 crore in the previous year. It has also reportedly laid off up to 100 employees and recalled joining letters issued to 50 students from various campuses.

Rivigo It competes with players such as Delhivery, Locus, BlackBuck, and Xpressbees. Last month, BlackBuck raised $7.8 million in Series D round from Trifecta Ventures via a combination of equity and debt. The Zinka Logistics Solutions-owned platform, which has posted a loss of Rs 118 crore in FY18, is also aiming for profitability by 2021. In May, Locus, a logistics platform owned by Mara labs, raised $26 million from 17 investors in a fresh funding round led by Tiger Global and Falcon Edge.