Logistics unicorn Rivigo to raise $20m in Series F funding

Image sourced from Rivigo website

Logistics unicorn Rivigo is raising a Series F round of 141.97 crore ($20 million) from its existing investors SAIF Partners India VI Ltd and Spring Canter Investment Ltd, according to a regulatory filing that has been accessed by business information platform Paper.vc.

The fresh fundraising round appears to be at the same valuation as the previous one, a note from Paper.vc said. According to information available on the platform, the company was valued at $1.1 billion in September this year.

At the Extraordinary General Meeting of Rivigo Services Pvt Ltd, on 9 December, the company’s Board approved the issue of 5,086 shares Series F preference shares to SAIF Partners and Spring Canter Investment Ltd.

This development comes in the background of increased activity in the logistics segment in India. Last week, integrated logistics solutions provider Allcargo Logistics said it has bought a controlling stake in express logistics firm Gati Ltd, for around 416 crore.

Two of India’s newest unicorns, Delhivery and Rivigo, are logistics firms. According to a recent report by software industry body Nasscom, nearly 60% of 2019’s unicorns are from emerging sectors such as gaming, automotive and supply chain/logistics.

Founded in 2014 by Deepak Garg and Gazal Kalra, Rivigo offers delivery services across India to retail, e-commerce, pharmaceutical, automobile, and FMCG companies, and also has a freight marketplace.

Rivigo has an innovative relay trucking model under which a truck driver hands over the vehicle to another driver at a designated pit stop, thereby ensuring that the truck is not idle at any point during the journey. It also ensures drivers are behind the wheel for a maximum of four to five hours at a stretch and reach home the same day.

This article was first published in livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.