The Gurugram-based logistics startup standing over $1 billion valuation has recently raised its another debt round of INR 25Cr from Trifecta. This is the third investment of Trifecta in the company.
According to the Ministry of Corporate Affairs, the logistics startup has issues a Series B NCD (Non-convertible debeltures) to Trifecta worth INR 10,00,000 each to raise this latest debt funding. The NCD shall have a tenure of 24 months carrying a fixed rate of 14.25 percent to be paid monthly.
Founded in 2014 by Deepak Garg and Gazal Kalra, Rivigo offers delivery services across India to retail, e-commerce, pharmaceutical, automobile and FMCG sectors. The startup claims to cover 4,000 cities, a network of around 30,000 pin codes, over 200,000 verified fleet owners and operates through over 70 pit stops, and has covered half a million trips to date.
Rivigo reported the rise in its revenue to 42 percent as of financial year ending 31st March 2019. The non-banking expenses were INR 813Cr and has reported a loss of INR 600Cr, whilst having reported a loss of INR 270Cr in the financial year ending 2018.
As a result of growing expenses and losses, the company laid off 70-80 employees according to various media reports dating July 2019.