Rivigo secures $50 Mn, misses Unicorn status by narrow margin

Rivigo
Image credit: Rivigo

Surface transport logistics major Rivigo has raised $50 million Series D round led by SAIF Partners. Existing investor Warburg Pincus also participated in the round. The company has raised aforementioned amount on a valuation of about $945 million.

The Gurugram-based company seems to have missed Unicorn status by a little margin, reports VCCircle. Unicorn is referred to a privately held company with a valuation of $1 billion and beyond.

Rivigo offers trucking facilities across 10 industry verticals including apparels, e-commerce, automotive, frozen and processed foods, FMCG and automotive amongst four others. It claims to deliver anywhere from anywhere in India within three days.

Of late, the company has been darling for investors and keep raising capital at regular intervals. In August last year, Rivigo was reportedly talking with Softbank for raising $100 million Series D round at an estimated valuation of about $1 billion.

Rivigo had raised $75 million Series C round from private equity investor Warburg Pincus in November 2016 at an estimated valuation of $440 million. So far, it has amassed $164.9 million risk capital across four rounds with a mix of equity and debt financing.

Rivigo raised debt financing from banks such as Kotak Mahindra Bank, HDFC Bank, YES Bank and Trifecta Capital among others.

Unlike traditional logistics companies, Rivigo’s innovative ‘drivers relay system’ enables it to reach Chennai from Delhi in two days instead of conventional eight days. By drivers relay, the company made sure drivers got back home on the same day (or within 24 hours) and thereby, saved 50-70 per cent of the turnaround time on long-haul routes.

The company also claimed to be the largest buyer of trucks in 2015 and 2016. According to company’s website, Rivigo has three products – Full Truck Load, Express Cargo and Coldchain. 

Rivigo competes with Blackbuck, GATI, Blue Dart and several others.

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