Number of Unicorns is growing in India. Over a dozen firms had raised fundings over $1 billion valuations since 2018. Besides consumer Internet companies, pure-play B2B firms including Udaan, Freshworks, Delhivery, Druva and Ola Electric also achieved a valuation of $1 billion or more in the past 21 months.
Joining the league of the firms mentioned above, surface logistics company Rivigo has also achieved the covetous status. The Gurugram-based company has been valued at around Rs 7,593 crore ($1.07 billion) in a fresh round.
According to RoC filings with MCA, Rivigo has raised about Rs 35.25 crore from KB Global. The company is allotting 1,263 CCPS Series E shares at the price of Rs 2,79,153 each. The fund seems to be a part or extension of its $65 million round reported in July.
Post investment, KB Global will have 0.46 stake in Rivigo while existing investors SAIF Partners and Spring Carter Investment’s stake will dilute to 31.81% and 20.19% stake respectively. Deepak Garg, one of the co-founders, will continue to hold the largest stake ~ 37.52% in the company.
Rivigo would be the 25th Unicorn in the country. According to data from Venture Intelligence, 25 companies were valued over $1 billion till July this year. According to Entrackr’s assessment, Rivigo remained away from being an entity with $1 billion valuations before this round. It’s worth noting that 15 companies had turned Unicorns alone in 2018.
Rivigo provides trucking facilities across ten industries across verticals including apparels, e-commerce, automotive, frozen and processed foods, FMCG and automotive. With a fleet of more than 3,000 trucks, it claims to deliver anywhere from anywhere in India within three days.
Two months ago, the company had secured $65 million Series E round led by existing investors Warburg Pincus and SAIF Partners. It also laid off about 70-80 people whereas and rolled back offer letters to students hailing from IIT, IIM, NIIT, and ISB.
Apart from traditional logistics companies, Rivigo competes with BlackBuck. The IFC-backed venture is valued at around $951 million. BlackBuck is also in the race to become Unicorn, and it’s likely to happen when it raises its next round.
Entrackr has sent queries to Gazal Kalra, one of the co-founders of Rivigo for confirmation. We will update the post once she responds.