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Logistics startup Rivigo secures new funding round from Warburg Pincus and SAIF Partners

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Rivigo, a Gurugram-based logistics startup, has raised around $35.6 million in its new Series E funding round. The investment comes from the company’s existing investors Warburg Pincus and SAIF Partners.

In this new funding round, SAIF Partners invested $14.65 million for 3,761 CCPS, while Warburg Pincus invested $20.94 million for 5,373 CCPS. Documents filed with the Ministry of Corporate Affairs (MCA) filing for Rivigo Services Pvt Ltd shows that the company has issued 9,134 compulsorily convertible preference shares (CCPS) at a premium of $3,897 (INR 2,79,143) per share.

With this new capital coming in, the Gurugram-based company is now very close to entering the Unicron club, which includes startups that are valued at $1 billion or more. Rivigo is currently valued at around $950 million. The company has not yet revealed how it plans to utilize the newly raised money.

Founded in 2014 by Deepak Garg and Gazal Kalra, Rivigo claims to reduce 50% of the delivery time to clients. It is working with companies across various sectors, including e-commerce, fast moving consumer goods, automobile, pharmaceuticals and cold chain space.

The company had last raised $50 million in its Series D funding round from Warburg Pincus and SAIF Partners. Prior to Series E, the company has raised nearly $175 million in funding, which includes $75 million in Series C round, $30 million in Series B funding round and another $10 million in Series B round, along with a seed round from Singapore Post.

As per the reports, Rivigo recorded a total income of $58.60 million in FY17, up by 370 percent from its FY16 income of $21.67 million. It also reported total expenses of $67.48 million in FY17 and an operating income of $56.45 million in the same period.


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