Rivigo raises INR100 crore in debt financing

Rivigo, the Gurugram-based logistic startup, has raised INR100 crore from leading private sector banks to expand its fleet of trucks. It is the second time in 5 months that the firm has raised capital for expansion. The startup had raised $75 million of equity funding global private equity firm Warburg Pincus in November’16. Rivigo is expected to increase its feet of trucks from 1,500 to 2,100 shortly, and the recent financing deals will help in achieving the goal.

Its co-founder commented that “Startups, typically, don’t fall within the radar of banks when it comes to extending credit. However, we were asset-heavy right from the beginning. From their perspective, banks want to invest in new-age, technology-focused companies. The Rivigo model is a bridge to that”.

Also, the startup is in the process of dolling out a number of new products, including technology ‘engine’ that will factor in vehicle continuum data, driver data and sales forecasts to reduce inefficiencies by predicting quicker turnaround times. The company has also developed a technology to automate clients’ consignment notes, which are waybills of goods transported across the country.