Technology-enabled logistics firm Rivigo raised a funding of USD 65 Mn in the ongoing series E round led by existing investors Warburg Pincus and SAIF Partners according to a statement. Rivigo has significantly improved its financial metrics across all businesses and aims to be profitable by the end of this financial year. Continuing the positive momentum, Rivigo recently launched path-breaking National Freight Index (NFI) to bring transparency to the largely unorganized logistics sector.
Started in 2014, Gurugram based
startup has laid a strong foundation to build the future of logistics through
its innovative ‘Relay Trucking’ model and its freight marketplace. The company
plans to utilize the funding to further strengthen its technology and network
coverage, a key game changer for the larger logistics market in India. Rivigo
has the largest network coverage with more than 29000 pin codes in India
Mr. Deepak Garg, Founder and CEO, Rivigo, said, “We continue on our mission to make logistics human and digital. Relay trucking is now very well established where relay truck pilots lead better life and customers gets exceptional service. With technology and freight marketplace, we now want to bring relay to every truck in the country.”
In the USD 150-160 billion
Indian road freight market, Rivigo’s technological prowess and unique relay
trucking model has ensured the company creates significant value for the
sector. The relay model ensures drivers are behind the wheel for a maximum of
four-five hours at a stretch and reach home the same day. From building
algorithmically complex models to accurately predicting the life journey of a
consignment to creating a dynamic pricing engine for the freight marketplace,
the company is working on hundreds of unique problems at scale.
Last month, Rivigo launched National Freight Index
that shows live tariff rates for different lanes and vehicles in the country in
a bid to bring more transparency to the ecosystem.