Gurgaon-based logistics services provider, Rivigo (formerly TrucksFirst) has raised $30 million with equity and debt financing in series B round of funding led by SAIF Partners & other investors. The platform aims to leverage the raised capital to achieve its target of scaling 10 times in the next 12 months. In May, the company raised $9.6 million in series A round from VC firm SAIF Partners.
Regarding the deployment of funds Deepak Garg, Founder and CEO of Rivigo says, “We’ll be using the proceeds from this round to ramp up our operations. We’ll also be focussing on expanding the technology team to add IOT, automation and data sciences.”
Founded in 2014 by Deepak Garg and Gazal Kalra, Rivigo provides logistics services to some of the clients across industry verticals such as eCommerce, FMCG, Auto, Pharma and the Cold Chain space.
The company says that its USP includes its unmatched emphasis on driver satisfaction and training, 24X7 service network, its documentation systems, quick response times and crisis management infrastructure as well as holistic client servicing.
Speaking on the investment, Deepak Gaur, Managing Director, SAIF Partners India said, “The tech-enabled logistics space in India is robust and has tremendous potential. We were particularly impressed by their smart use of tech and unique operating model that ensures high driver satisfaction, reliability and unprecedented delivery times.”
Earlier this month, Bangalore-based B2B logistics startup, BlackBuck raised $25 million in Series B funding from Tiger Global and other investors. Hyderabad based logistics service provider, Cargo Exchange is also in final talks to raise $2 million from a group of investors whose names have not been disclosed. Other players in the segment are Trucksuvidha, FreightBazaar and TruckMandi.