Logistics firm Rivigo has raised USD 65 million (about Rs 450 crore) in a Series E funding round led by existing investors Warburg Pincus and SAIF Partners.
The company plans to utilise the funds to further strengthen its technology and network coverage, Rivigo said in a statement.
“Rivigo raised a funding of USD 65 million in the ongoing series E round led by existing investors Warburg Pincus and SAIF Partners,” the Gurugram-based company said.
Rivigo founder and CEO Deepak Garg said, the relay trucking model is now very well established, where relay truck pilots lead a better life and customers get exceptional service.
“With technology and freight marketplace, the company now wants to bring relay to every truck in the country,” he said.
Rivigo’s technological prowess and unique relay trucking model has ensured the company creates significant value for the USD 150-160 billion Indian road freight market, he said.
The relay model ensures drivers are behind the wheel for a maximum of four-five hours at a stretch and reach home the same day.
Started in 2014, the startup has the largest network coverage with more than 29,000 pin codes in India.