17 August 2017, India:
Japanese conglomerate Softbank is eyeing logistics industry as it is set to infuse $200 Million in Gurgaon-based logistics startup Rivigo.
The investment, if it goes through, could value the three-year-old company at nearly $1 billion, one of them said, while another pegged the potential funding at $200-400 million. These people declined to be identified as the discussions aren’t final yet as per the report by ET.
Rivigo provides logistics services solutions, including full-truck load, part truck-load and cold chains, to industries such as e-commerce, consumer goods, automotive, retail and pharmaceuticals. It claims to have reduced the transit time in India by 50-70% compared to operators in the unorganized trucking business. It owns and operates over 2,000 trucks and has a pan-India network across 150 locations.
Rivigo has emerged as a favorite of investors in the last couple of years. It has raised more than $100 million in equity and debt financing from the likes of global private equity major Warburg Pincus and stage-agnostic investment firm SAIF Partners.
Recently, SoftBank invested a record $2.5 Billion in Flipkart. After the financing round, Flipkart has an excess of $4 billion of cash on balance sheet. It is aiming to acquire multi-billion dollar stakes in the ride-hailing company Uber.
Also read- Early Backer Foxconn Writes Down 80% Investment in Snapdeal
