Full-stack coordinations and cargo commercial center Rivigo has raised Rs 140 crore from Warburg Pincus’ associate Spring Canter Investment Ltd (SCIL). SCIL is a Mauritius-based venture holding organization and its investors are sure private value reserves oversaw by Warburg Pincus LLC.
The advancement comes not long after the endorsement of Competition Commission of India or CCI to the procurement of an extra shareholding in Rivigo by SCIL through a membership of obligatorily convertible inclination shares.
Rivigo has alloted 28,435 Series G2 CCPS at an issue cost of Rs 49,455 for every offer to raise the total from SCIL, administrative filings show.
SCIL’s speculation is notwithstanding the prior round of Elevation Capital (beforehand SAIF Partners). It’s important that Rivigo had commenced its Series G round in November in which Elevation Capital had just siphoned in Rs 84.4 crore.
As indicated by Rivigo, both Elevation and Warburg will keep on being minority speculators in the organization. The five-year-old firm dispatched by Deepak Garg and Gazal Kalra offers hand-off drove shipping offices across businesses including clothes, internet business, car, frozen and prepared nourishments, FMCG and car.
Dissimilar to customary coordinations organizations, Rivigo’s drivers travel more limited distances and hand over their trucks to another driver accomplice at assigned refueling breaks. The mallet passing like model encourages them keep away from a more extended excursion of weeks or months.
As per Rivigo’s site, it has more than 5,000 trucks in its armada operational across 4,000 urban communities in India. With more than 2,00,000 confirmed armada proprietors, the organization works by means of in excess of 70 refueling breaks and has finished a large portion of 1,000,000 outings to date.
Rivigo had transformed into a unicorn in September a year ago after KB Global’s venture. The Gurugram-based firm has raised over $280 million till date. Other than value adjusts, it has obligation assets from any semblance of Trifecta Capital, Kotak Mahindra Bank, HDFC Bank, and YES Bank.
Rivigo intently rivals Blackbuck, GATI, Fortigo and a few others.
