Rivigo announced it’s recent investment of Rs. 140 Crore, made by Mauritius-based SCIL, an investment holding company, 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.
Founded in 2014 by Gazal Kalra and Deepak Garg, Rivigo offers pan-India delivery services to ecommerce, pharmaceutical, automobile, cold-chain and fast-moving consumer goods companies. The company said it covers more than 29K pin codes in India.
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.
In FY19, the company said that it has added INR 300 Cr to its revenue with a loss of INR 600 Cr. The company was looking to be EBITDA profitable in March 2020.
Rivigo had started off 2020 with a fresh round of Series F funding from existing investors and venture debt firm Trifecta Capital.
In September 2019, the logistics startup had raised about $4.9 Mn funding from a South Korea-based investor KB Global Platform Fund.
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.
With over 2,00,000 verified fleet owners, the company operates via more than 70 pit stops and claims to have completed half-a-million trips to date. Since its inception, Rivigo has raised over $280 Mn across equity and debt rounds from the likes of Warburg, Elevation Capital and Trifecta Capital.