Rivigo, a tech startup in India that wishes to construct a extra dependable and safer logistics community, has raised $65 million as main buyers proceed to position large guess on alternatives in overhauling trucking system within the nation.
The Collection E spherical, which has not closed, for the five-year-old startup was led by present buyers Warburg Pincus and SAIF Companions. The startup, which has raised greater than $280 million up to now, stated it goals to be worthwhile by March subsequent yr.
Rivigo operates a tech platform that tracks and manages shipments and ensures that drivers can be found always and vans are as absolutely loaded as potential. The platform additionally robotically rotates drivers in order that they’ll get sufficient relaxation and see their household whereas the vans hold transferring. Drivers use an app to navigate maps and settle for assignments.
“Relay trucking is now very nicely established the place relay truck pilots lead higher life and clients will get distinctive service. With expertise and freight market, we now wish to carry relay to each truck within the nation,” Deepak Garg, founder and CEO of Rivigo, stated in an announcement.
Rivigo, which competes with heavily-backed startups similar to BlackBuck, owns its personal fleet of vans whereas additionally working a freight market. This separates it from opponents that serve purely as an aggregator — or Uber for vans, if you’ll.
The startup, which claims to have the biggest attain in India, stated it will use the recent capital to additional increase its community and tech infrastructure within the nation. Financially, too, Rivigo has pushed previous lots of its opponents. Within the monetary yr that resulted in March this yr, Rivigo’s income jumped to $105 million at a 77% year-over-year development price. Its losses additionally widened to $35 million, in keeping with disclosures it made to the native regulator.
“From constructing algorithmically complicated fashions to precisely predicting the life journey of a consignment to making a dynamic pricing engine for the freight market, the corporate is engaged on a whole lot of distinctive issues at scale,” stated Garg.
India’s logistics market, regardless of being valued at $160 billion, stays some of the inefficient sectors that continues to tug the economic system.
Final month, Rivigo launched Nationwide Freight Index that exhibits stay tariff charges for various lanes and automobiles within the nation in a bid to carry extra transparency to the ecosystem.
Extra to comply with later as we speak…