Rivigo has secured $30 Million in Series B round of funding with equity and debt financing led by SAIF Partners and others. Details of other investors have not been revealed by the company. The company is planning to use the fund to achieve its goal of 10 times growth in next twelve months. The firm had also raised $9.6 Million in Series A round of funding in May this year. It will also hire some more people for its tech team.
Rivigo is a Gurgaon based logistic service provider, which is operated by TrucksFirst Services Pvt. Ltd. The company was founded by Deepak Garg and Gazal Kalra in 2014. Mainly the company provides logistic solutions to industrial clients from various sectors like eCommerce, FMCG, Auto, Pharma and the Cold Chain space.
The founder and CEO of Rivigo, Deepak Garg said about the development, “We’ll be using the proceeds from this round to ramp up our operations. We’ll also be focusing on expanding the technology team to add IOT, automation and data sciences.”
According to the company, supreme importance on driver satisfaction and training, documentation systems, quick response times, 24X7 service network and crisis management infrastructure are the main reason behind the company’s success.
The MD of SAIF Partners India, Deepak Gaur said about the development, “Rivigo has immense scope to serve the large opportunity space with its unique business model. We were particularly impressed by their smart use of tech and unique operating model that ensures high driver satisfaction, reliability and unprecedented delivery times,”
B2B logistic sector is one of the most growing sector in India, as it is the reason behind the success of constantly growing eCommerce markets of India. Currently, lots of investors are investing in this sector. Bengaluru based logistic startup, BlackBuck had raised $25 Million in Series B round of funding led by Tiger Global.