Trucking logistics firm Rivigo raised Rs 16 crore (around $2 million) in a Series H round led by existing investors Elevation Capital and Warburg Pincus affiliate Spring Canter Investment.
The Gurugram-based company raised about Rs 8 crore each from Elevation Capital and Spring Canter Investment Limited by issuing 11,840 Series H compulsorily convertible preference shares to both VCs, according to a regulatory filing seen by VCCircle.
Queries sent to Rivigo remained unanswered till the time of publishing.
Prior to this, the company had raised Rs 84.4 crore in its Series G funding round from Elevation Capital. In total, the company has raised close to $270 million in multiple equity and debt financing rounds.
Founded in 2014 by IIT Kanpur graduate Deepak Garg and Stanford alumnus Gazal Kalra, Rivigo provides pan-India logistics services to e-commerce, pharmaceuticals, automobiles, cold-chain, and FMCG companies.
The logistics firm became the eighth Indian startup to become a unicorn, a privately held company with a valuation of $1 billion or more, in 2019. The company also counts South Korea’s KB Platform Fund as its backer.
In May 2022, Rivigo’s chief executive officer Garg said that the company was planning to raise $50-100 million in a pre-IPO (initial public listing) round in 2022, with plans of making a public debut in 2024.
Rivigo has switched from an asset-heavy to an asset-light approach in the past two years in order to achieve scalability and cut losses. In its "relay trucking" strategy, which it introduced in 2014, the company claims to be ensuring that the truck is never left idle by having one driver hand it off to another at a predetermined pit stop.
“As we finish this transition, we hope that we will be in a steadier shape soon. We will do a pre-IPO round this year and then take the company public in 18-24 months. While we were heavily loss-making pre-Covid, we are now moving towards more sustainable cashflows after pivoting to an asset-light model,” Garg said.
