In one of the largest fundings in AI, Rivigo grabs $75M in Round C

New Delhi-based transport logistics provider Rivigo raised Rs 500 cr ($75 million) in a Series C round of funding from private equity firm Warburg Pincus. The investment will give Warburg Pincus a minority stake in Rivigo.

“This (funding) is going to be primarily utilized towards technology and hiring. We have to scale up our tech talent, investments in IoT, automation and data sciences a lot more. We also have to build our next level of leadership cadre, given the growth we’re seeing,” Deepak Garg, chief executive, Rivigo, told ET.

The company will utilize the funds to build its network of processing centres and pit stops across the country. It will also enhance its track fleet size to about 5,000 over the next 12 months. It currently operates about 1,500 vehicles, and employs about 3,000 drivers. “I have a firm belief that the radical standards of client service and business performance that he sets for Rivigo will help fundamentally change the logistics sector.” Deepak Gaur, Managing Director, Saif Partners said. For the global Private Equity firm, this is the third investment in the country’s logistics sector. The firm had also invested in ecommerce focused logistics solutions provider Ecom Express and third-party logistics company Stellar Value Chain Solutions. The company claims to have raised a little over $41.5 million in a mix of debt and equity before this round. The funds were raised from SAIF Partners, McKinsey senior executives, Singapore Post and venture debt firm Trifecta Capital.