Rivigo launches National Freight Index

Rivigo raises INR 25 crore in its 3rd debt round

Post By : News Desk
Post Date : January 6, 2020
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Tech-logistics unicorn Rivigo in its third debt financing has raised INR 25 crore from Trifecta Capital. Earlier, the Gurgaon based start-up had raised debt from Trifecta in 2015, and private sector lenders, including HDFC Bank, YES Bank, Kotak Mahindra Bank and ICICI Bank had invested Rs 100 crore in it.

Interestingly, Rivigo was one of the few unicorns of India who was well on track to become profitable last year. The company has added INR 300 crore to its topline registering a 45% annual growth last year, surpassing a four-fold rate compared to the growth for the entire logistics sector.

Rivigo, which offers delivery services across India to retail, e-commerce, pharmaceutical, automobile and FMCG companies as per the regulatory filings with Ministry of Corporate Affairs, had issued a Series B NCD (non-convertible debentures) to Trifecta worth INR10,00,00 each to raise INR 25 crore. The NCD has a tenure of 24 months and will carry a fixed rate of 14.25% paid monthly.

According to reports, the company is negotiating a Series F round of $20 million from its existing investors SAIF Partners and Spring Canter Investment.

Also, it is eyeing to get a fresh equity round at an evaluation of $1.1 billion, the same as the previous one.

Rivigo, which claims to cover 4,000 cities and 30,000 pin codes in the country caters to over 200,000 verified fleet owners and operates via more than 70 pit stops and completed half-million trips till date.

Rivigo also launched a service called Relay-as-a-Service (RaaS) last year to benefit its disruptive relay trucking model to millions of fleet owners and truck pilots in India.

Last year, Rivigo launched the National Freight Index (NFI) which with the help of historical data helps predict freight prices in India very accurately. The index shows the truck rentals from 1,500 origin and destination locations.

The company in the financial year ending on March 31, 2019, reported an increase in its revenue by 42% to INR 1,028 crore. However, company’s constant investment in technology and developing infrastructure rose its non-operational expenses to INR 813 crore resulting in a loss of INR 600 crores in FY19 as compared to a loss of Rs 270 crore in FY18.

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