Rivigo, a freight and logistics startup in India, has raised $65 million in a Series E round led by existing investors Warburg Pincus and SAIF Partners. The startup plans to use the new capital to further expand its network and tech infrastructure.
Founded in 2014 by Gazal Kalra and Deepak Garg, Rivigo owns and operates over 2,100 trucks across 150 locations. Its digital platform tracks and manages shipments, and drivers use an app to navigate maps and accept assignments. A “relay” system automates driver rotations so that they can get enough rest and see their family.
“Relay trucking is now very well-established, and relay truck pilots lead better lives and customers get exceptional service. With the technology and freight marketplace, we now want to bring relay to every truck in the country,” Deepak Garg, founder and CEO of Rivigo, said in a statement.
The startup, which has raised more than $280 million to date, said it aims to be profitable by March 2020, TechCrunch reported.
Its latest investment round comes on the heels of other significant fund raises in Indian logistics companies. In May, BlackBuck, based in Bengaluru, closed a $150 million Series D round led by Goldman Sachs Investment Partners and Silicon Valley-based Accel.
Additional Rivigo competitors include Locus, Locanix, ElasticRun and 4tigo Network Logistics.
Rivigo distinguishes itself from competitors in that it owns its own fleet of trucks while also running a digital freight marketplace.
The startup also launched a National Freight Index that shows real-time tariff rates for different lanes and vehicles in the country.
“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,” said Garg.
In the financial year that ended in March 2019, Rivigo’s revenue climbed to $105 million, a 77 percent year-over-year growth rate, TechCrunch reported.
