India B2B logistics firm TrucksFirst raises $30m
TrucksFirst Services, an India-based business-to-business (B2) logistics services provider, has raised $30 million in a Series B round of funding provided by SAIF Partners and other investors.
The financing round comprised a combination of equity and debt, according to media reports linked to from SAIF's Twitter account.
Founded in 2014, the company, which operates under the brand name Rivigo, provides delivery services across India. It owns more than 550 trucks and provides services to companies operating in the e-commerce, pharmaceutical, automobile and home appliances industries.
In April this year, SAIF along with other investors, invested about $9.6 million in a Series A round of funding in TrucksFirst. Singapore Post and Thomas Netzer of McKinsey & Company, also participated in the round.
"The tech-enabled logistics space in India is robust and has tremendous potential. We also anticipate greater growth for this segment in view of the impending goods and services tax bill. Rivigo has immense scope to serve the large opportunity space with its unique business model," Deepak Gaur, managing director at SAIF, told Livemint.
The company will use the new capital to increase business 10-fold over the next 12 months, as well as to expand its technology team.
Last week, Tiger Global, Accel Partners, Flipkart and a fund linked to Yuri Milner of DST Global committed $25 million in Series B funding to BlackBuck, another B2B logistics start-up in India.
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