Gurgaon-based logistics services provider Rivigo has raised $75 million from an affiliate of Warburg Pincus for a minority stake. The company will use the funds to scale up its service offerings across India and invest in technology and hiring.
Rivigo had previously raised $30 million and $9.6 million from SAIF Partners in December and May last year respectively.
Interestingly, Warburg Pincus expects Rivigo to benefit from the recently passed Goods and Services tax (GST) Bill. “We are excited by Rivigo’s growth prospects and its potential to disrupt the Indian trucking industry. It’s delivering a unique operating model, enabled by the smart use of technology and analytics. The prospects are likely to be further enhanced upon implementation of GST.”
We had mentioned before that the downtime for vehicles in logistics will reduce as the GST will do away with filing of waybills, entry permits and compliances under entry local tax laws.
Founded in 2014 by Deepak Garg and Gazal Kalra, Rivigo currently provides logistics to clients across verticals such as e-commerce, FMCG, automotive, retail and pharmaceuticals. It offers services like Prime, Zoom and Green for product deliveries, with features like GPS enabled live tracking, on the go analytics and paper-free billing. It claims to be present in over 150 locations in India and operate over 2000 trucks.
Also read: Our logistics coverage.