Rivigo, a technology company that is building the material movement pipeline of India and making logistics human, faster, safer and cost-effective, has raised Rs 140 crore from Warburg Pincus’ affiliate Spring Canter Investment Ltd (SCIL), according to Entrackr report.
SCIL is a Mauritius-based investment holding company and its shareholders are certain private equity funds managed by Warburg Pincus LLC.
The development comes soon after the approval of Competition Commission of India or CCI to the acquisition of an additional shareholding in Rivigo by SCIL through a subscription of compulsorily convertible preference shares.
Founded in 2014 by Deepak Garg and Gazal Kalra, the company has raised over $280 million till date. Rivigo faces competition from Blackbuck, GATI, Fortigo and several others.
Rivigo has alloted 28,435 Series G2 CCPS at an issue price of Rs 49,455 per share to raise the sum from SCIL, regulatory filings show.
According to Rivigo, both Elevation and Warburg will continue to be minority investors in the company.
Unlike traditional logistics companies, Rivigo’s drivers travel shorter distances and hand over their trucks to another driver partner at designated pit stops. The baton-passing like model helps them avoid a longer journey of weeks or months.
The company has over 5,000 trucks in its fleet operational across 4,000 cities in India. With over 2,00,000 verified fleet owners, the company operates via more than 70 pit stops and has completed half-a-million trips to date.
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