Rivigo kicks off Series G round with Rs 84 Cr tranche from Elevation Capital

Surface logistics company Rivigo has secured Rs 84.4 crore in its Series G funding round from the existing backer Elevation Capital (formerly SAIF Partners). This is the maiden equity financing for the company in 2020.

In January, Rivigo had raised its third round of debt financing worth Rs 25 crore from venture debt firm Trifecta Capital. 

The Gurugram-based company has allotted 17,061 Series G1 preference shares at an issue price of Rs 49,455 to raise the consideration, shows regulatory filings. This is the first tranche of the ongoing Series G round and more money is expected to be raked in by Rivigo in the coming months. 

With this, Rivigo has accumulated over $280 million across multiple equity and debt funding rounds from Elevation Capital, Warburg Pincus, Trifecta and others since its inception in 2014.  

Founded by Gazal Kalra and Deepak Garg, Rivigo offers trucking facilities across 10 industries across verticals including apparels, e-commerce, automotive, frozen and processed foods, FMCG and automotive. 

The company offers three products – Relay Full Truck Load, Express Cargo and Coldchain. According to its official website, Rivigo has over 5000 high trucks fleet operational across 4,000 Indian cities. With over 2,00,000 verified fleet owners, the company operates via more than 70 pit stops and completed half-a-million trips to date. 

The Covid-19 pandemic had hit the trucking operations and supply-chain business during nationwide lockdown (March-May). However, the sector has bounced back to the pre-Covid peak in the past couple of months. According to Entrackr sources, Rivigo had stopped part booking of trucks recently. It now only deals in full truck load business.

While the company is yet to file its financial statements for the year ending March 2020, it had reported 42% increase in revenue to Rs 1,028 crore in FY19 with a net loss of Rs 600 crore. 

Last year, Rivigo had become the 25th unicorn in the Indian startup ecosystem space after securing about Rs 35.25 crore from KB Global at a $1.05 billion valuation. It counts Blackbuck, GATI, and Fortigo, among its competitors.