Logistics Platform Rivigo nabs $30 Mn in Series B Funding led by SAIF Partners

Gurgaon-based TrucksFirst Services Pvt. Ltd, which operates Logistics platform Rivigo has raised Series B round tune of $30 million with equity and debt financing. The investment was led by SAIF Partners. The platform aims to leverage the raised capital to achieve its target of scaling 10 times in the next 12 months.

rivigoRivigo was founded in 2014 as TrucksFirst. Rivigo provides services to some major industry verticals such as e-commerce, FMCG, Auto, Pharma and the Cold Chain space.

Deepak Gaur, Managing Director SAIF Partners India said, “the tech-enabled logistics space in India is robust and has tremendous potential. We also anticipate greater growth for this segment in view of the impending GST Bill. Rivigo has immense scope to serve the large opportunity space with its unique business model.”

Deepak Garg, Founder and CEO of Rivigo said that the company will be using the proceeds from this round to ramp up its operations. The company also be focussing on expanding the technology team to add IOT, automation and data sciences.

The logistics platform provides delivery services at a pan-India level including otherwise difficult geographies such as the North East and Eastern parts of India.

According to Tracxn, there are about 58 start-ups in this segment in India.

Industry experts say that though the domestic road freight industry is a $40-50 billion segment, it is fraught with challenges, especially since market dynamics vary according to locations and may impact consolidation of load. Besides, there are multiple stakeholders, such as truck owners, brokers, logistics companies and customers.

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