Rivigo Services essentially administers a relay trucking model, in which truck drivers dont operate their trucks over 5 hours in a continuous period and return to their houses on the same day.
Logistics company, Rivigo Services has received $65 million funds in Series E round of funding, according to a media report.
Rivigo Services Pvt. Ltd has raised $65 million (Rs 444.66 crore at current exchange rates) in its ongoing Series E funding round that was led by existing investors Warburg Pincus and SAIF Partners, the startup company said in its statement, as reported by the daily news, VC Circle.
It will use the fresh funding to strengthen its technological infrastructure and network coverage. It also aims to become profitable by the end of the current financial year, Rivigo Services told the daily news.
The VC firm, Trifecta Capital is one of the investors of the Rivigo Services. Rivigo Services essentially administers a relay trucking model, in which truck drivers dont operate their trucks over 5 hours in a continuous period and return to their houses on the same day.
"With technology and freight marketplace, we now want to bring relay to every truck in the country," Founder of Rivigo, Deepak Garg told the daily news.
The total funding amount, $65 million incorporates the money that Rivigo Services gathered in February this year.
At that time, Rivigo received funds nearly $35.6 million by issuing convertible preference shares to PE firm, Warburg and investor, SAIF Partners, according to companys filings.