Elevation Capital injects $11 mn into Rivigo, marking first deal since rebranding

Elevation Capital injects $11 mn into Rivigo, marking first deal since rebranding
Photo Credit: VCCircle
2 Nov, 2020

Returning investor Elevation Capital has invested Rs 84.4 crore ($11.4 million as per exchange rates on date of shares allotments) in technology enabled logistics startup Rivigo Services, according to regulatory disclosures filed late October.

Formerly known as SAIF Partners, Elevation has purchased 17,061 preference shares of an equity band titled Series G1 in the Gurugram-based startup, according to regulatory filings.

Elevation Capital and Rivigo co-founder Deepak Garg did not respond to email queries from TechCircle.

Founded in 2014 by 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 5,000 trucks, with a presence in over 4,000 cities and 29,765 pincodes in India. 

In the financial year ended March 2019, the company reported a 42% growth in revenues to Rs 1,028 crore. Losses had widened to Rs 602.3 crore against Rs 270.2 crore a year earlier.

Investments in the technology enabled logistics sector have been rampant since the Coronavirus enabled period of supply-chain crunch in March, in the country -- ranging from B2C players such as Dunzo to B2B players such as LetsTransport.

The current investment marks Elevation Capital’s first investment since its change of moniker, late last month. It had also announced the closing of its seventh consecutive fund, called SAIF Partners India VII, at $400 million.

The firm has backed over a 100 companies in India to date, of which more than 80%, in volume terms, are in the technology sector, according to data collated by VCCEdge.