Technology-enabled logistics firm Rivigo said on Thursday it has raised a funding of $65 million in its ongoing series E round, led by existing investors Warburg Pincus, a private equity fund, and SAIF Partners, a multi-stage investment firm.
Rivigo has “significantly improved” its financial metrics across all businesses and aims to be profitable by the end of this financial year, the company said in a statement. The company posted losses of ₹270.23 crore in FY18, compared with loss of₹123.45 crore a year ago, according to ROC filings.
To continue the momentum, Rivigo recently launched National Freight Index (NFI) to bring transparency to the largely unorganized logistics sector. NFI is based on the study of truck rentals over the three years.
Launched in 2014, Gurugram-based 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.
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. The company plans to utilize the funding to further strengthen its technology and network coverage. Rivigo has the largest network coverage with more than 29000 pin codes in India
“We continue on our mission to make logistics human and digital. Relay trucking is now very well established where relay truck pilots lead better life and customers gets exceptional service. With technology and freight marketplace, we now want to bring relay to every truck in the country,” said Deepak Garg, founder and chief executive, Rivigo.
India’s freight market is estimated to be $150-160 billion. From building algorithmically complex models to accurately predicting the life journey of a consignment to creating a dynamic pricing engine for the freight marketplace, Rivigo is leveraging technology in a big in trucking, which has so far been seen as traditional industry in India.