Nearly a month after acquiring its patent rights from the United States Patent and Trademark Office (USPTO) for its driver relay model and flagging off a RaaS (Relay-as-a-Service) in India, the logistics startup Rivigo, has made its way into the unicorn club as it raised $4.97 million (approx ₹35 core) from KB Global platform fund, cited Yourstory.
A total of 1,263 cumulative convertible preference shares (CCP shares) were allotted to the KB Global platform fund, with a premium capped at Rs 2,79,143 per subscription share from Rivigo.
Rivigo’s valuation is now, expected to be $1.05 billion.
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 29,000 pin codes in India.
Gazal Kalra, Co-founder of Rivigo said, “The amount of AI and blockchain you can use in logistics is unparalleled. We generate so much data. Something as simple as driver routing can be made much more efficient with machine learning and AI.”
When the ecommerce industry took flight in India, one sector that immediately gained prominence was the logistics space, as startups rushed to provide efficient business-to-consumer (B2C) supply chain solutions to online retailers, as per the reports.
Besides Rivigo, other startups that got recognition as a unicorn in 2019 are online grocery startup Bigbasket, ecommerce and logistics startup Delhivery, cloud data protection and management startup Druva, Ola Electric, the EV arm of Ola, gaming startup Dream11, healthcare startup CitiusTech, and contract management startup Icertis.