Trucking logistics firm Rivigo becomes eighth Indian unicorn startup of 2019

Image sourced from Rivigo website

Trucking logistics firm Rivigo is the eighth Indian startup to become a unicorn — valued a billion dollars or more — this year, after it raised $4.9 million from a South Korean fund, KB Platform Fund, according to regulatory filings with the Ministry of Corporate Affairs.

Entrackr first reported the development.

It is now valued at $1.05 billion, from the $950 million it was valued at in February last year, when it raised $50 million from SAIF Partners and private equity major Warburg Pincus.

Rivigo has been out to raish fresh capital for over a year now, and Mint reported in September last year that it is in talks to raise $400 million. However, it hasn’t been able to do so, and has been topped up by existing backers SAIF and Warburg, who last invested $65 million in July this year.

Launched in 2014, Gurugram-based Rivigo has a ‘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.

Rivigo’s relay model ensures drivers are behind the wheel for a maximum of four-five hours at a stretch and reach home the same day. It also has a freight marketplace.

However, Rivigo has also become a unicorn at a time when India’s unicorn club is growing faster than ever.

The other unicorns created this year include Icertis, a contract management software platform, grocery startup BigBasket, ecommerce logistics firm Delhivery, software firm Druva, fantasy gaming startup Dream11, IT healthcare firm CitiusTech and Ola Electric, the electric vehicle arm spun off from ride hailing startup Ola, itself one of India’s earliest unicorns.

This article was first published on 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.