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.
Rivigo is a Gurugram based company founded in Gazal Kalra and Deepak Garg. It 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.
In January, Rivigo had raised its third round of debt financing worth Rs 25 crore from venture debt firm Trifecta Capital.
Rivigo transformed how trucking and delivery can be done in India, adapting both digital systems and the physical construction of its trucks to improve efficiency and quality of life for its “pilots.” In the past, India’s disorganized market and challenging infrastructure meant that truck drivers had to leave home for long periods of time. Because the cabs and trailers of most trucks in the country were inseparable, drivers couldn’t leave a trailer behind at a warehouse and hitch up to a full load, nor could they drop a trailer for another driver to take across the next leg.
Rivigo changed that, creating what it calls “relay as a service” trucking that allows drivers to relay trailers from hub to hub, allowing them to stay closer to home and spend more time with family — and allowing the company to keep its thousands of trucks on the move.
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.