Logistics startup Rivigo raises $30M from SAIF Partners, others
Gurgaon-based data science-backed logistics services provider TrucksFirst Services Pvt Ltd, which operates under the brand name Rivigo, has raised $30 million (around Rs 200 crore) including a small debt finance portion, in a Series B round of funding from its existing investor SAIF Partners and others.
The company plans to utilise the fresh capital to achieve its target of scaling 10 times in the next 12 months, it said in a statement.
"We'll be using the proceeds from this round to ramp up our operations. We'll also be focusing on expanding the technology team to add IOT, automation and data sciences," said Deepak Garg, founder and CEO of Rivigo.
Founded in 2014 by Garg and Gazal Kalra, Rivigo provides delivery services at pan-India level, including otherwise difficult geographies such as the North East.
Garg is an IIT Kanpur alumnus who was working with McKinsey & Company before co-founding this venture while Kalra graduated from Stanford Graduate School of Business and has also worked with McKinsey.
As per its website, Rivigo has over 550 trucks of its own and services 170 unique routes across 18 distinct route types. It has 40 hubs across the country and says it has automated documentation for expedited border clearance besides conventional 24x7 vehicle tracking and monitoring.
It serves e-commerce, pharma, automobiles, cold-chain, FMCG and white goods manufacturers.
"The tech-enabled logistics space in India is robust and has tremendous potential. We also anticipate greater growth for this segment in view of the impending GST Bill," Deepak Gaur, managing director of SAIF Partners India said.
In April this year, SAIF Partners, along with other investors, had invested Rs 61.8 crore ($9.6 million) in a Series A round of funding in TrucksFirst. Singapore Post and McKinsey's travel, transport and logistics director Thomas Netzer also participated in the round.
In this space, BlackBuck, a business-to-business logistics startup, recently raised $25 million in Series B funding from Tiger Global and other investors.