Deepak Garg, Founder and CEO of Rivigo said, “We are delighted to welcome Warburg Pincus as our partner, and look forward to leveraging their global expertise and network in logistics. The infusion of capital will help us scale up our various service offerings across India, and importantly, accelerate our investment in technology and talent. This funding will support our aspiration of becoming the largest logistics company in India by 2020.”
Founded in 2014 by Harvard alumnus Gazal Kalra and IIM Lucknow alumnus Deepak Garg, Rivigo (previously TrucksFirst), offers hassle-free, reliable, professional and super-express logistics services. By using simple processes, advanced technology, trained and professional staff, the company helps clients manage long-haul logistics seamlessly.
Commenting on the transaction, Viraj Sawhney, Managing Director of Warburg Pincus said, “We are excited by Rivigo’s growth prospects and its potential to disrupt the Indian trucking industry, which is by far the largest segment of logistics in India. The company is delivering a fundamentally superior proposition for customers and truck drivers by deploying a unique operating model, enabled by the smart use of technology and analytics.”
According to a company statement, Rivigo has a fleet of 2000 trucks and a reliable pan-India network across 150 cities. It has a customer base across industries such as apparel and lifestyle, auto components, pharmaceuticals, ecommerce, electronics, consumer goods, engineering machinery, books and publications etc.
The company leverages data, technology, and IoT extensively to solve challenges in logistics. In a short span of two years, Rivigo has offered a wide range of solutions including full-truckload, part-truckload and cold chain to clients across major industry verticals such as ecommerce, FMCG, automotive, retail, and pharmaceuticals.
This is the fourth and largest round of capital raised by the company. In December last year, Rivigo raised $30 Mn in Series B round with equity and debt financing led by SAIF Partners and other investors.
Earlier in May this year, Bengaluru-based Locus, logistics management startup, raised $2.75 Mn (INR 18.3 Cr) in Series A funding led by Exfinity Venture Partners. Other investors who participated in the round were Blume Ventures, BeeNext and Rajesh Ranavat, MD of Fung Capital along with its existing investors. Other startups in this segment include Ahmedabad-based logistic IoT startup Locanix; Bengaluru-based B2B logistics startup, BlackBuck, etc.