7 November 2016, India :
Rivigo, the Gurgaon based end-to-end logistics solution provider, has today raised a whooping $75 million in its Series C round of funding. The investment comes from private equity firm Warburg Pincus which has acquired a minority stake in the company.
Deepak Garg, Founder and Chief Executive Officer of Rivigo said, “We are delighted to welcome Warburg Pincus as our partner, and look forward to leveraging their global expertise and network in logistics. The infusion of capital will help us scale up our various service offerings across India, and importantly, accelerate our investment in technology and talent. This funding will support our aspiration of becoming the largest logistics company in India by 2020.”
Commenting on the transaction, Viraj Sawhney, Managing Director of Warburg Pincus said, “We are excited by Rivigo’s growth prospects and its potential to disrupt the Indian trucking industry, which is by far the largest segment of logistics in India. The company is delivering a fundamentally superior proposition for customers and truck drivers by deploying a unique operating model, enabled by the smart use of technology and analytics.”
He added, “The prospects are likely to be further enhanced upon implementation of GST. We are excited to partner with a young and energetic management team that has executed impressively to date, and possesses a strong culture of innovation, and look forward to utilizing our strong global logistics experience to support the management in their growth plans.” Source- ET