India's Rivigo raises $65m from Warburg Pincus, SAIF

The Series E round is ongoing, Rivigo said in a statement, without disclosing the overall target for the round or the identity of its other investors. It includes $35.6 million raised by the start-up earlier this year through the issue of convertible preference shares to Warburg Pincus and SAIF.

Rivigo’s online platform tracks and manages shipments with the goal of ensuring that drivers are available at all times and trucks are as fully loaded as possible. The platform employs a relay system to automatically rotate drivers off after five hours of driving so that they can get enough rest; Rivigo claims that its goal is to make sure all drivers can make it home at the end of a shift.

Warburg Pincus and SAIF have supported Rivigo across several funding rounds since its founding in 2014. The company plans to use the new capital to expand its network and improve its technology offering.

Competitors in India’s technology-enabled logistics space include BlackBuck, a long-distance trucking marketplace and aggregator similar to Uber that is backed by Goldman Sachs and Accel Partners. Rivigo differentiates itself from BlackBuck by operating its own fleet of trucks offering full-stack logistics services.

According to filings with the Registrar of Companies the company reported revenue of INR6.9 billion ($100.7 million) for the year ended March 2018, up from INR3.9 billion the previous year; however, over the same period its net loss widened from INR1.2 billion to INR2.7 billion. Rivigo claims to have improved financial performance across all its verticals and to be on track to reach profitability by next year.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Technology
• Support services
• Expansion
• India
• TMT
• Logistics
• Warburg Pincus Asia
• SAIF Partners
• Growth capital