Rivigo raises $3.4 mn from Trifecta Capital in debt funding round

Rivigo raises $3.4 mn from Trifecta Capital in debt funding round
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6 Jan, 2020

Gurugram-based logistics technology company Rivigo Services has raised $3.4 million in a debt funding round from venture debt firm Trifecta Capital. 

According to regulatory filings with the Ministry of Corporate Affairs, the debt funding has come with a Series F round of $20 million from existing investors SAIF Partners and Spring Canter Investment. Of the $20 million, around $11.5 million came from Spring Canter and SAIF Partners poured in about $8.1 million.

TechCirle had reported last month that Rivigo was in talks to raise $20 million from SAIF Partners and Warbug Pincus through its Mauritius-registered entity Spring Canter Investment. 

With this round, the total amount raised by Rivigo reaches $257.4 million, mostly from SAIF Partners and Warbug Pincus, according to data available with VCCEdge. 

When the company last raised funds in September 2019, it was valued at approximately $995 million, just a tad short of the $1 billion Unicorn status.

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

In October, the company reported a 42% growth in revenue 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 about 100 employees and recalled joining letters issued to 50 students from various campuses.

Rivigo competes with players like Delhivery, Locus, BlackBuck and Xpressbees. Last month, BlackBuck raised $7.8 million in a Series D round from Trifecta Ventures through a combination of equity and debt.