Rivigo, a Gurugram-based logistics startup has raised $65 million in its ongoing series E round led by existing investors Warburg Pincus and SAIF Partners. The company will use the infuse funds to further strengthen its technology and network coverage.
Prior to this round, the company has raised $216.2 Mn from investors. The last tranche of $35.6 Mn as part of Series E round was at a valuation of $950 Mn.
The company said it has significantly improved its financial metrics across all businesses and aims to be profitable by the end of this financial year.
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.”
It offers pan-India delivery services to ecommerce, pharmaceutical, automobile, cold-chain and fast-moving consumer goods companies. The company said it covers more than 29K pin codes in India.
Recently, Rivigo launched National Freight Index (NFI) to bring transparency to the largely unorganized logistics sector.
The Economic Survey 2017-18 showed that the Indian logistics sector provides livelihood to more than 22 Mn people and improving the sector will facilitate 10% decrease in indirect logistics cost leading to the growth of 5 to 8% in exports.
The State of The Indian Startup Ecosystem 2018 Report said that India had over 900 logistics startups as of November 2018. Between 2014 and 2018, these startups have raised over $1.4 Bn funding across 115 deals.
In the Union Budget 2019, the government has allocated INR 100 Lakh Cr over the next five years to build and develop critical logistics and transport infrastructure.