Update: Rivigo has categorically denied reports that multiple senior-level executives are exiting the company. An Economic Times report had earlier incorrectly mentioned that Rivigo CFO Pramod Gupta was serving his notice period. In fact, he isn’t leaving the company at all. Rivigo co-founder, Gazal Kalra also told the publication that churn at the senior level was ‘minuscule’ at best.
We regret not having independently verified this development before reporting on the same. We will be more careful in the future and ensure such mistakes do not occur.
Earlier (March 5): Gurgaon-based logistics services provider Rivigo is reportedly seeing an exodus of senior-level executives from the company. The Economic Times reports that eight executives are on the way out of the company owing to ‘unrealistic targets and pressure” on them.
The publication said that its chief financial officer (CFO) Pramod Gupta, business head Bablu Tewari, chief people officer Nitin Sethi, chief technology officer (CTO) Hemant Khandelwal; founding member and business strategy head Reet Mohinder Singh, national account manager Piyush Gupta, executive account manager Aditya Nagpal; and Abhishek Mohan from the client services team, are exiting the company. MediaNama could not independently confirm the development.
Founded in 2014 by Deepak Garg and Gazal Kalra, Rivigo provides logistics services to clients across verticals such as e-commerce, FMCG, automotive, retail and pharmaceuticals, with features like GPS enabled live tracking, on the go analytics, and paper-free billing etc. In January, it raised Series D funding of $50 million (approx Rs 330 crore) from its existing investors Warburg Pincus and SAIF Partners.
The “unrealistic” pressure and targets on executives in Rivigo can be attributed to fierce competition in the logistics space. There are many recent developments from players like Ecom Express, Locus, Delhivery, Loadshare, Blackbuck, and also NSE-listed Gati etc in this space. In October 2017, the government of India launched the International Tracked Packet service, which provides cross-border shipping for the e-commerce sector in the Asia-Pacific region. While, e-commerce players too have started their own logistics arms in the country.