Logistics firm Rivigo on Thursday said it has raised $65 million funding led by existing investors Warburg Pincus and SAIF Partners. The investment is part of the company's ongoing series E round.
The company said it will deploy the funds to further strengthen its technology and network coverage. Rivigo claims to have the largest network coverage with more than 29,000 pin codes in the country.
The Gurgaon-based company has so far raised about $281.2 million, according to data from Crunchbase. In February, Warburg Pincus and SAIF Partners had ploughed in about $35.6 million in the company as part of series E round. In 2018, the investors led a $50 million funding round in Rivigo.
Rivigo's revenues rose by about 77% to Rs 408 crore in the year to March 2018. However, losses increased to over Rs 200 crore in FY18 from over Rs 100 crore posted in FY17. The company said it "aims to be profitable by end of this financial year" as it has significantly improved its financial metrics across all businesses.
Founded in 2014, the company works on a relay trucking model which ensures drivers are behind the wheel for a maximum of four-five hours at a stretch and reach home the same day.
The firm caters to industries across FMCG, e-commerce, apparel, automotives and electronics among others.
"We continue on our mission to make logistics human and digital. Relay trucking is now very well established where relay truck pilots lead better life and customers get exceptional service. With technology and freight marketplace, we now want to bring relay to every truck in the country," said Deepak Garg, founder and CEO at Rivigo.
Gurgaon-based Delhivery which also operates in the logistics space raised over $400 million in funding led by SoftBank in March.