Logistics startup Rivigo has recently joined the club of unicorns in India. This means that it’s valuation has crossed a $1 billion milestone.
With the rising support of the government in turning India into a startup centered hub for the world, India is seeing a quick growth in the number of unicorns. This list includes big names like Flipkart, Snapdeal, Paytm, Delhivery, Freshworks, Udaan, OYO and so on.
Rivigo is the 25th unicorn in the country.
Rivigo describes itself as the material movement pipeline of India that uses a globally unique innovative way of relay trucking by use of technology and data. With an active fleet of 3000 trucks, Rivigo claims to deliver from any corner in India to the other within 3 days.
Rivigo runs an effective network of supply chain management through relay trucking in various industries including that of e-commerce, apparel, processed food, automotive , FMCG, etc.
According to RoC filings with MCA, Rivigo has raised about Rs 35.25 crore from KB Global. The company is allotting 1,263 CCPS Series E shares at the price of Rs 2,79,153 each. The fund seems to be a part or extension of its $65 million round reported in July.
Post investment, KB Global will have 0.46 stake in Rivigo while existing investors SAIF Partners and Spring Carter Investment’s stake will dilute to 31.81% and 20.19% stake respectively. Deepak Garg, one of the co-founders, will continue to hold the largest stake ~ 37.52% in the company. The total valuation stands at INR 7,593 crores .i.e. $1.07 billion USD.