Gurugram-based logistics platform, Rivigo has raised about $15 Mn (INR 100 Cr) debt finance from undisclosed lending private sector banks.
The startup will use the newly raised funds to increase its fleet and for preparing to introduce new products, including a technology to automate its trucking operations.
Talking about the funding, Deepak Garg, co-founder of Rivigo said, “We have raised the debt to finance our assets. By the end of this month, we will have 2,100 trucks.”
Founded in 2014 by Harvard alumnus Gazal Kalra and IIM Lucknow alumnus Deepak Garg, Rivigo (previously TrucksFirst), claims to offer hassle-free, reliable, professional, and super-express logistics services.
Rivigo reportedly has a fleet of 2,000 trucks and a pan-India network across 150 cities. Its customer base includes players across industries such as apparel and lifestyle, auto components, pharmaceuticals, ecommerce, electronics, consumer goods, engineering machinery, books and publications etc.
The startup is currently working on new products. One such project is called ‘Apollo.’ Deepak said that the company is betting on Apollo to automate its entire trucking operations, with no manual intervention.
Another product that the company is working on – will factor in vehicle continuum data, driver data, and sales forecasts to reduce inefficiencies by predicting quicker turnaround times.
It also claims to have developed a technology to automate clients’ consignment notes.
In November 2016, Rivigo raised $75 Mn from an affiliate of Warburg Pincus, one of the biggest funding rounds raised by an Indian logistics startup. Other startups in this segment include Bengaluru-based Locus, Ahmedabad-based logistic IoT startup Locanix; Bengaluru-based B2B logistics startup BlackBuck, etc.
(The development was reported by ET.)