Rivigo — one of the largest trucking logistics startups in India, has announced its financial for the financial year. The company has reported revenues of ₹402 crore in FY2017, which raised from ₹149 crore in previous year.
While the revenue of the company has increased, so are the losses. Rivigo has reported a rise of around 2,400% in losses, from ₹5.5 crore last year to ₹137 crore this year.
In its statement while announcing this financial results, the company said:
Though the short-term profitability of your company is impacted due to major expenditure being made for expansion, your management is taking all the necessary steps to accelerate the company’s performance and to make it a profitable concern.
Rivigo was founded in the year 2014 and since then, it has managed to raise over $100 million in funding. In October last year, it raised $75 million from private equity major Warburg Pincus. SAIF Partners has also backed the startup, and invested $30 million in its Series A round.
Now, there are reports that the startup is currently in talks with Japan-based SoftBank for another major funding round worth around ₹641 crore.
It is a technology-enabled company that offers logistics services and solutions in India. Not only it is the largest buyer of trucks in India but has also launched a slew of technology products over the past year.
The company’s tech platform includes a network of sensors that are used to monitor various parameters, including the temperature of refrigerated shipments, track security and location, and the performance of each vehicle down to its individual parts.