Warburg Pincus invests $75m in Rivigo
Rivigo, a technology driven logistics company, announced that an affiliate of Warburg Pincus has invested $75m in the company for a minority stake.
Rivigo (or “the Company”), a technology driven logistics company, today announced that an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing, has invested $75 million in the company for a minority stake.
Rivigo, headquartered in Gurgaon, was founded in 2014 by Deepak Garg, an alumnus of IIT Kanpur and IIM Lucknow and a former consultant from McKinsey & Co.
The Company pioneered the unique “relay” operating model which reduces the transit time of trucks in India by 50-70 per cent compared to typical truck operators, while significantly enhancing the safety and lifestyle of truck drivers.
Rivigo leverages data, technology and IOT extensively to solve real challenges in logistics. In a short span of two years, Rivigo has grown rapidly, and offers a wide range of solutions including full-truck load, part truck-load and cold chain to clients across major industry verticals such as e-commerce, FMCG, automotive, retail and pharmaceuticals.
The company currently owns and operates over 2000 trucks and has a pan India network across 150 locations.
Deepak Garg, Founder and Chief Executive Officer of Rivigo said, “We are delighted to welcome Warburg Pincus as our partner, and look forward to leveraging their global expertise and network in logistics.
"The infusion of capital will help us scale up our various service offerings across India, and importantly, accelerate our investment in technology and talent. This funding will support our aspiration of becoming the largest logistics company in India by 2020.”
Commenting on the transaction, Viraj Sawhney, Managing Director of Warburg Pincus said, “We are excited by Rivigo’s growth prospects and its potential to disrupt the Indian trucking industry, which is by far the largest segment of logistics in India."
Rivigo is a technology driven logistics company that is disrupting the logistics space in India, with its unique operational model and cutting edge technology, to consistently provide unparalleled delivery times and transparency to its clients, while improving the quality of life of delivery people.
Rivigo has a fleet of 2000 trucks and a reliable pan India network across 150 cities and is expanding its footprint continuously.
Rivigo has a loyal and growing customer base across industries such as apparel and lifestyle, auto components, pharmaceuticals, e-commerce, electronics, consumer goods, engineering machinery books and publications etc.
Source: Company Press Release