Rivigo, The startup technology in India that you want Build a more reliable and secure logistics network, Raised $ 65 million as major investors continued to place significant bets on opportunities to reform the country's trucking system.
The round of the E series, which did not close, led the start-ups that began five years ago Warburg Pincus And Saif partners. The company, which has raised more than $ 280 million so far, said it aims to be profitable by March next year.
Rivigo operates a technology platform that tracks and manages shipments and ensures that drivers are available at all times and trucks are fully loaded as much as possible. The platform also automatically rotates drivers so that they can get enough rest and see their families while trucks continue to move. Drivers use an application to navigate maps and accept tasks.
"Transporting trucks by truck is now very solid, with transporters living a better life and receiving exceptional service," said Deepak Garg, founder and CEO of Revigo in a statement. "With technology and shipping, we now want to transport every truck in the country, .
Rivigo, who competes Strongly backed startups like BlackBuck, Owns its own fleet of trucks while operating the freight market as well. This is separated from the competitors who only work as a pool – or Uber for trucks, if you will.
The company, which claims to have the largest reach in India, said it would use the new capital to expand its network and technical infrastructure in the country. Financially, Rivigo has led many of its competitors. In the fiscal year ending March this year, Rivigo's revenues jumped to $ 105 million at an annual growth rate of 77%. Its losses also widened to $ 35 million, according to data provided to the local regulator.
"From building computationally complex models to accurately predicting a cargo life journey to creating a dynamic pricing engine for the shipping market, the company is working on hundreds of unique problems on a large scale," Garg said.
The logistics market in India, despite being Worth $ 160 billion, Remains one of the most efficient sectors that continue to drag the economy.
Last month, Rivigo launched the National Shipping Index, which displays the live tariff rates of various corridors and vehicles in the country in an attempt to bring greater transparency to the ecosystem.
More to follow later today …