rivigo, a technology-enabled logistics company in India, has secured US$75 million from global Private Equity firm Warburg Pincus, in one of the largest funding rounds this year, according to a report by The Economic Times.
The funds will go into hiring and scaling up its investments in IoT, automation and data sciences, rivigo Co-founder Deepak Garg was quoted as saying by the newspaper.
In December last year, the company raised US$30 million in funding from SAIF Partners.
Started in 2014 by Garg and Gazal Kalra, rivigo is a technology-enabled surface logistics provider headquartered in Gurgaon. The startup claims to provide hassle-free services for companies in the e-commerce, pharmaceuticals, automotive, cold chain, FMCG and white goods sectors.
The firm has a network of over 40 pit stops spread across the country, and it provides real-time vehicle visibility, GPS logs of currently running vehicles and closed trips, as well as real-time analytics.
rivigo claims that with its services, clients are able to leverage 50 to 70 per cent reduction in turn-around time. Against the average distance of 15 Km per hour by the industry, its trucks can cover 40-plus Km in an hour. This enables the company to provide better services despite Indian road conditions, overcoming delays at numerous checkpoints across 29 states in the country, claims the firm.
The company also plans to increase its truck fleet size to around 5,000 over the next 12 months from 1,500, currently.
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