Your browser is currently blocking notification.
Please follow this instruction to subscribe:
X
Notifications are already enabled.
X

Rivigo Inches Closer To Unicorn Status With $35 Mn Funding Led By Warburg Pincus, SAIF Partners

Rivigo Inches Closer To Unicorn Status With $35 Mn Funding Led By Warburg Pincus, SAIF Partners

SAIF Partners invested $14.65 Mn

Warburg Pincus invested $20.94 Mn

The company has issued 9,134 compulsorily convertible preference shares

Gurugram-based logistics startup Rivigo has raised $35.6 Mn (INR 255 Cr) in a Series E funding round from existing investors Warburg Pincus and SAIF Partners.

A Ministry of Corporate Affairs (MCA) filing for Rivigo Services Pvt Ltd accessed by Inc42 shows that the company has issued 9,134 compulsorily convertible preference shares (CCPS) at a premium of $3,897 (INR 2,79,143) per share.

In the round, SAIF Partners invested $14.65 Mn (INR 104.98 Cr) for 3,761 CCPS, while Warburg invested $20.94 Mn (INR 149.98 Cr) for 5,373 CCPS.

With this round, the company has also inched closer to the much-coveted unicorn club at a valuation of $950 Mn.

Founded in 2014 by Gazal Kalra and Deepak Garg, Rivigo owns and operates over 2100 trucks and has a pan-India network across 150 locations. It offers pan-India delivery services to ecommerce, pharmaceutical, automobile, cold-chain and fast-moving consumer goods companies.

The company last raised $50 Mn (INR 322 Cr) in its Series D funding round from Warburg Pincus and SAIF Partners. Prior to Series E, the company has raised nearly $175 Mn in funding.

Inc42 DataLabs, in its weekly financial analysis series What The Financials, had noted that Rivigo recorded a total income of $58.60 Mn (INR 401.82 Cr) in FY17, up by 370% from its FY16 income of $21.67 Mn (INR 148.61 Cr).

Further, the company reported total expenses of $67.48 Mn (INR 462.64 Cr) in FY17 and an operating income of $56.45 Mn (INR 387 Cr) in the same period.

Rivigo has also been speculated to have nearly 1,770 employees, on whom it spent $10.82 Mn (INR 74.21 Cr) in FY 17 — 16% of its total operating expenses. Also, in August 2018, nearly 30 ex-employees of Rivigo encashed on their stock options in the company, reaping in an estimated amount of $10 Mn.

In the competitive logistics space, which is poised to touch $307 Bn by 2020, Rivigo competes with equally strong investor-backed startups such as Blackbuck, Locus, Locanix, ElasticRun, and 4tigo Network Logistics.

Author

Bhumika Khatri

Inc42 Staff

Hailing from a business-oriented family, Bhumika has always been crunching numbers in her head. Words are her escape and she looks to find hidden startup stories. Reach her on [email protected]

Responses
https://inc42.com/buzz/whatsapp-has-taken-a-number-of-steps-to-address-fake-news-mos-ahir/
Loading Next…

Upcoming Events