Warburg Pincus-controlled SCIL invests Rs 140 Cr in Rivigo

Full-stack logistics and freight marketplace Rivigo has raised Rs 140 crore from Warburg Pincus’ affiliate Spring Canter Investment Ltd (SCIL). SCIL is a Mauritius-based investment holding company and its shareholders are certain private equity funds managed by Warburg Pincus LLC.

The development comes soon after the approval of Competition Commission of India or CCI to the acquisition of an additional shareholding in Rivigo by SCIL through a subscription of compulsorily convertible preference shares.

Rivigo has alloted 28,435 Series G2 CCPS at an issue price of Rs 49,455 per share to raise the sum from SCIL, regulatory filings show.

SCIL’s investment is in addition to the earlier round of Elevation Capital (previously SAIF Partners). It’s worth noting that Rivigo had kicked off its Series G round in November in which Elevation Capital had already pumped in Rs 84.4 crore. 

According to Rivigo, both Elevation and Warburg will continue to be minority investors in the company. The five-year-old firm launched by Deepak Garg and Gazal Kalra offers relay-led trucking facilities across industries including apparels, e-commerce, automotive, frozen and processed foods, FMCG and automotive.

Unlike traditional logistics companies, Rivigo’s drivers travel shorter distances and hand over their trucks to another driver partner at designated pit stops. The baton-passing like model helps them avoid a longer journey of weeks or months.

According to Rivigo’s website, it has over 5,000 trucks in its fleet operational across 4,000 cities in India. With over 2,00,000 verified fleet owners, the company operates via more than 70 pit stops and has completed half-a-million trips to date.

Rivigo had turned into a unicorn in September last year after KB Global’s investment. The Gurugram-based firm has raised over $280 million till date. Besides equity rounds, it has debt funds from the likes of Trifecta Capital, Kotak Mahindra Bank, HDFC Bank, and YES Bank.

Rivigo closely competes with Blackbuck, GATI, Fortigo and several others.