<article>Logistics firm Rivigo raises $15 million in debt from private sector banks, while Edelweiss has extended a $57 million loan to Unitech Machines.</article>

Logistics firm Rivigo raises $15 million in debt from private sector banks, while Edelweiss has extended a $57 million loan to Unitech Machines.
<h3 style="text-align: justify;">Rivigo raises $15m debt from private sector banks</h3>
To expand its fleet of trucks, <a style="color: #000080;" href="http://dealstreetasia.com/tag/warburg-pincus" target="_blank">Warburg Pincus</a>-backed logistics firm <a style="color: #000080;" href="http://dealstreetasia.com/tag/rivigo-services" target="_blank">Rivigo Services</a> has raised debt finance of Rs 100 crore ($15 million) from some private sector banks, according to <a style="color: #000080;" href="http://auto.economictimes.indiatimes.com/news/aftermarket/piggybank-rivigo-has-truck-with-debt-its-rs-100-crore-this-round/57528023" target="_blank">a report</a> in The Economic Times.
As per the report, Rivigo has raised about Rs 400 crore from large banks including Kotak Mahindra Bank, HDFCBank, YES Bank and ICICI Bank.
“We have raised the debt to finance our assets. By the end of this month, we will have 2,100 trucks,“ chief executive Deepak Garg told the newspaper. “We have an ongoing credit line with the banks, and have also paid off a significant portion of the debt raised by us,“ he added.
The Gurgaon-based startup  is also preparing to introduce new products, including a technology to automate its trucking operations.


In November last year, the surface transport logistics provider had raised $75 million for a minority stake in a Series C round of funding from private equity firm Warburg Pincus.
<h3 style="text-align: justify;">Edelweiss extends $57 million loan to Unitech Machines</h3>
Debt-laden auto component maker <a style="color: #000080;" href="http://dealstreetasia.com/tag/unitech-machines" target="_blank">Unitech Machines</a> is being bailed out by <a style="color: #000080;" href="http://dealstreetasia.com/tag/edelweiss-india" target="_blank">Edelweiss India Special Situation </a>with a  Rs 380 crore loan, which would be converted into equity, according to <a style="color: #000080;" href="http://epaperbeta.timesofindia.com/index.aspx?eid=31815&amp;dt=20170308" target="_blank">a report</a> in The Economic Times.
As per the report, the latest funds will be used to repay loans of Yes Bank and ICICI Bank among others to avoid defaulting on them. Edelweiss will get an equity stake at a later stage for the funds which it plans to encash at a premium when the company floats its shares.
&#8220;Post Rs 380 crore investment by Edelweiss India Special Situation Fund, we are confident of build ing well diversified auto sector-focussed business catering to Hero, Yamaha, Toyota and Maruti, which can potentially be listed in future,“ said Suman Punn, CFO, Unitech Machines.
According to Punn, under the terms of the deal Rs 330 crore will be  used to repay loans of banks and other creditors and the balance will be used as working capital.
The investment by the fund in the Gurgoan-based company is in form of seven-year bond with an option to convert these bonds in to equity after three years.
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/57490-57490/" target="_blank">India: Warburg Pincus invests $75m in logistics startup Rivigo</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/india-visen-industries-in-talks-with-edelweiss-to-raise-30m-66686/" target="_blank">India: Visen Industries in talks with Edelweiss to raise $30m</a>

Logistics firm Rivigo raises $15 million in debt from private sector banks, while Edelweiss has extended a $57 million loan to Unitech Machines. 

India: Rivigo raises $15m debt; Edelweiss extends $57m loan to Unitech Machines

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India: Rivigo raises $15m debt; Edelweiss extends $57m loan to Unitech Machines

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