Logistic startup Rivigo has been facing attrition as half a dozen senior and mid-level executives leaving the Gurugram-based surface transport logistics major.
Chief financial officer Pramod Gupta, Bablu Tewari who headed Rivigo’s express vertical Zoom have already left the company.
Chief technology officer Hemant Khandelwal; Reet Mohinder Singh, business strategy head of Rivigo’s marketplace for trucks, Vyom; enterprise account managers Piyush Gupta and Aditya Nagpal; and Abhishek Mohan from the client services division have also put in their papers.
Meanwhile, Rivigo has termed such exists normal and claimed to have lowest attrition rate amongst technology startups in the country.
According to an ET report, the company is eyeing to swell workforce by 50 per cent over the next six-eight months. Notably, it recently scooped up $50 million Series D round led by SAIF Partners.
Responding to recent attrition, Rivigo’s co-founder Gazal Kalra said the “movement of people at the senior level is miniscule.”
He emphasised that Rivigo had recently hired a clutch of senior executives who are slated to join soon.
However, citing sources a separate ET report mentioned that after the resignation of key folks, the company is facing a crisis in management or top level functions. The logistics firm had reportedly set unrealistic targets for these employees which could be the major driver for top-level exits.
One of the most well-funded logistics startups in the country Rivigo is not the only one to face mass exits and reshuffle at management-level functions, earlier Flipkart-owned Jabong and to some extent, Zomato also faced the similar scenario.
While, Jabong demoted its 400 employees including newly elevated Chief Buying Officer Kalyan Kumar, Zomato co-founder Pankaj Chaddah recently quit the company. The Alibaba-backed company also has been restructuring the top level management for past six months.
Rivigo, founded in 2015, has a fleet of 3000 commercial vehicles and is set to increase the number this year. Apart from Series C funding of $75 million from Warburg Pincus in November 2016, Rivigo had raised debt financing from banks such as Kotak Mahindra Bank, HDFC Bank, YES Bank and Trifecta Capital among others.
It competes with Blackbuck, GATI, Blue Dart and several others.
The development was reported by ET.