Rivigo, a tech startup in India that wishes to construct a extra dependable and safer logistics community, has raised $65 million as main traders proceed to put huge guess on alternatives in overhauling trucking system within the nation.
The Sequence E spherical, which has not closed, for the five-year-old startup was led by current traders Warburg Pincus and SAIF Companions. The startup, which has raised greater than $280 million to this point, stated it goals to be worthwhile by March subsequent yr.
Rivigo operates a tech platform that tracks and manages shipments and ensures that drivers can be found always and vehicles are as totally loaded as potential. The platform additionally robotically rotates drivers in order that they will get sufficient relaxation and see their household whereas the vehicles maintain shifting. Drivers use an app to navigate maps and settle for assignments.
“Relay trucking is now very well established where relay truck pilots lead better life and customers gets exceptional service. With technology and freight marketplace, we now want to bring relay to every truck in the country,” Deepak Garg, founder and CEO of Rivigo, stated in a press release.
Rivigo, which competes with heavily-backed startups akin to BlackBuck, owns its personal fleet of vehicles whereas additionally working a freight market. This separates it from opponents that serve purely as an aggregator — or Uber for vehicles, if you’ll.
The startup, which claims to have the most important attain in India, stated it might use the capital to additional develop its community and tech infrastructure within the nation.
“From building algorithmically complex models to accurately predicting the life journey of a consignment to creating a dynamic pricing engine for the freight marketplace, the company is working on hundreds of unique problems at scale,” stated Garg.
India’s logistics market, regardless of being valued at $160 billion, stays one of the inefficient sectors that continues to tug the financial system.
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