Technology-enabled logistics firm Rivigo's revenue for financial year 2019-20 rose 5 per cent to Rs 1,080 crore, while net loss increased 6 per cent to Rs 542 crore during the year, according to data accessed by business intelligence platform Tofler.
The company’s total expenses for the fiscal rose 5 per cent to Rs 1,622 crore.
The Gurugram-based unicorn raised Rs 140.63 crore from Warburg Pincus affiliate Spring Canter Investment Ltd in December. In November, it raised $11.4 million from Elevation Capital (earlier SAIF Partners) in its Series G round and $3.4 million debt funding from Trifecta last January.
Founded in 2014 by Ghazal Kalra and Deepak Garg, Rivigo has a fleet of trucks and delivery services across India to retail, e-commerce, pharmaceutical, automobile and FMCG sectors.
Rivigo provides three kinds of products according to its website- full truck load, express cargo and cold chain. It also has a relay-as-a-service (RaaS) model to bring benefits of its relay trucking model to fleet owners and truck pilots (drivers) in India.
Driven by the desire to bring positive transformation in the lives of truck drivers and to address the challenge of chronic driver shortage, Rivigo has used technology to ensure truck drivers do not have to drive for long stretches without rest. It uses practices such as scheduling roster duty at pitstops, pick-ups and deliveries, ensuring there were fewer unscheduled stops and put fuel theft to an end.
The recent Economic Survey noted that the Covid-19 pandemic underscored the need for a resilient logistics sector that can respond to emergencies and supply chain disruptions. India is working on a National Logistics Policy to streamline some of these issues and encourage greater use of technology.