Gurugram, India-based full-stack logistics startup Rivigo, on Saturday, announced that it has raised INR 140 crore (around $19 million) from Warburg Pincus’ affiliate Spring Canter Investment Ltd (SCIL), a Mauritius-based investment holding company.
Rivigo in November, raised $11.4 million from Elevation Capital (formerly, SAIF Partners) in its Series G round; and before that, $3.4 million debt funding from Trifecta in January.
The company closed the latest funding round after approval from the Competition Commission of India (CCI) for the acquisition of a minority stake in the company by SCIL.
Founded in 2014 by Deepak Garg (CEO) and Gazal Kalra, Rivigo offers delivery services across India to retail, e-commerce, pharmaceutical, automobile and FMCG sectors.
The company says that its drivers travel shorter distances when compared to traditional logistics and delivery providers since it employs a relay-led trucking system. The company claims that it has over 5,000 trucks in its fleet operational across 4,000 cities in India; and also has over 2,00,000 verified fleet owners, operates via more than 70 pit stops and has completed half-a-million trips to date.
Rivigo notably entered the unicorn club in September 2019, after raising $4.9 million from KB Global in Series E round.