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SCIL is an funding holding firm included underneath the legal guidelines of Mauritius and doesn’t have any bodily presence in India
In FY19, the corporate stated that it has added INR 300 Cr to its income with a lack of INR 600 Cr
Since its inception, Rivigo has raised over $280 Mn throughout fairness and debt rounds from Warburg, Elevation Capital and Trifecta Capital
The Competitors Fee of India (CCI) has accredited the acquisition of Gurugram-based logistics startup Rivigo by Spring Canter Funding Ltd (SCIL) by way of the subscription of compulsorily convertible choice shares.
SCIL is an funding holding firm included underneath the legal guidelines of Mauritius and doesn’t have any bodily presence in India. Its shareholders are sure non-public fairness funds managed by Warburg Pincus LLC (Warburg).
Based in 2014 by Gazal Kalra and Deepak Garg, Rivigo presents pan-India supply companies to ecommerce, pharmaceutical, vehicle, cold-chain and fast-moving shopper items corporations. The corporate stated it covers greater than 29Ok pin codes in India.
Rivigo makes use of an modern ‘driver relay’ mannequin that allows vans to cowl extra distances at a quicker tempo in opposition to the trade common. Its full-stack logistics providing contains relay-led trucking and freight market.
It empowers quite a few shippers and fleet operators to optimize their fleet and obtain most outcomes and goal to deliver an influence throughout the freight ecosystem by making it absolutely digital and clear.
In July 2019, experiences had surfaced that Rivigo had laid off practically 70-100 workers.
At the moment, Gazal Kalra, cofounder of Rivigo, attributed the latest attrition to “efficiency and market dynamics.” Nevertheless, experiences claimed that traders have been pressuring Rivigo to chop prices, transfer away from an asset-heavy enterprise, and enhance its unit economics throughout all enterprise verticals.
In FY19, the corporate stated that it has added INR 300 Cr to its income with a lack of INR 600 Cr. The corporate was trying to be EBITDA worthwhile in March 2020.
Rivigo had began off 2020 with a contemporary spherical of Collection F funding from current traders and enterprise debt agency Trifecta Capital.
In September 2019, the logistics startup had raised about $4.9 Mn funding from a South Korea-based investor KB International Platform Fund.
With over 2,00,000 verified fleet house owners, the corporate operates by way of greater than 70 pit stops and claims to have accomplished half-a-million journeys up to now. Since its inception, Rivigo has raised over $280 Mn throughout fairness and debt rounds from the likes of Warburg, Elevation Capital and Trifecta Capital.
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