Rivigo Revenue, Valuation, Funding & Investors
Rivigo is valued at $1.1B as of September 2019, a 13.8x multiple on its last reported $77M revenue.
Last Rivigo valuation
$1.1B
Series E · Sep 2019
Last Rivigo funding round
$2M
Series H · Aug 2022
Rivigo revenue
$77M
Series E · Sep 2019
Key investors in Rivigo
Elevation Capital
Warburg Pincus
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>)
Spring Canter InvestmentSAIF Partners
InnoVen Capital
- KB Global Platform Fund
About Rivigo
Rivigo is a tech-driven logistics provider offering truckload transportation and freight marketplaces in India. Gurgaon-headquartered Rivigo operates relay-based trucking on national highways, serving e-commerce giants like Flipkart and automotive firms with cold chain capabilities. The platform features GPS-enabled driver handoffs and algorithmic pricing for full truckloads.
Founded
2014
HQ
GurgaonWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services, Subscription
Revenue
$77M (Sep 2019)
Valuation
$1.1B (Sep 2019)
Rivigo Valuation
Rivigo is currently valued at $1.1B, based on its Series E in September 2019.
The $5M round was led by KB Global Platform Fund.
Rivigo's valuation has grown 2.4x from $440M at its Series C in October 2016 to $1.1B in September 2019, across 4 priced rounds.
Rivigo valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2019 | Series E | $1.1B | 13.8x |
| Jul 2019 | Series E | $1B | 9.1x |
| Jan 2018 | Series D | $943M | 12.7x |
| Oct 2016 | Series C | $440M | - |
Rivigo Revenue
Rivigo's latest recorded revenue is $77M, as of its Series E in September 2019. At a $1.1B valuation, that implies a 13.8x revenue multiple.
Revenue grew from $74M in January 2018 to $77M in September 2019, while the revenue multiple moved from 12.7x to 13.8x.
Rivigo revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2019 | $77M | $1.1B | 13.8x | Series E |
| Jul 2019 | $110M | $1B | 9.1x | Series E |
| Jan 2018 | $74M | $943M | 12.7x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Rivigo Funding History
Rivigo has raised a total of $269M across 9 funding rounds.
Rivigo's first fundraising round was a $10M Series A in April 2015. The most recent completed round was a $2M Series H in August 2022.
Rivigo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2022 | Series H | Elevation Capital (lead); Spring Canter Investment (lead) | $2M | - | - |
| Nov 2020 | Series G | Elevation Capital (lead) | $11M | - | Rivigo is a Gurugram-based logistics startup offering delivery services to e-commerce, pharmaceutical, automobile, cold-chain, and FMCG companies across more than 29,000 pin codes in India. The company pioneered a relay trucking model using algorithms for intelligent driver allocation, limiting driver shifts to four-five hours to enhance safety and efficiency while addressing truck driver shortages. In February 2020, Rivigo raised approximately $11.4 million in a Series G round led by Elevation Capital. For FY20 ended March 2020, Rivigo reported total revenue of INR 1,080 Cr, up 5% from INR 1,028 Cr in FY19, with operational revenue from services increasing from INR 1,002 Cr to INR 1,054 Cr. Non-operating income remained steady at around INR 262 Cr. Expenses rose 5% to INR 1,622 Cr, resulting in losses of INR 541 Cr, up 6% from FY19. The company reduced employee costs by 11% through layoffs of 100 people in Q1 FY20. |
| Dec 2019 | Series F | SAIF Partners (lead); Spring Canter Investment (lead) | $20M | - | Rivigo is a Gurugram-based technology-enabled logistics firm founded in 2014 by Deepak Garg and Gazal Kalra, offering delivery services to e-commerce, pharmaceutical, automobile, cold-chain, and FMCG sectors with network coverage across more than 29,000 pin codes in India. It pioneered a patented relay-trucking model to address truck driver shortages and improve efficiencies. The company raised Rs 141.97 crore ($20 million) in its Series F round on December 9, 2019, by issuing 5,086 compulsorily convertible preference shares at a face value of Rs 10 and premium of Rs 2,79,143 each to SAIF Partners India VI Limited and Spring Canter Investment Limited (affiliated with Warburg Pincus). Funds were earmarked for capital expenditure and working capital requirements. This Series F followed a $65 million Series E in July 2019 from SAIF Partners and Warburg Pincus, and a September 2019 raise of $4.97 million from KB Global at a $1.05 billion valuation, marking Rivigo's entry into unicorn status. Prior to Series F, Rivigo had raised over $234 million cumulatively, primarily from SAIF and Warburg Pincus. The firm managed a fleet of over 3,000 trucks and focused on restructuring its business model amid challenges like layoffs. For FY2019 (ended March 2019), Rivigo reported revenues of Rs 1,028 crore, reflecting 42% year-over-year growth, with another source noting an addition of Rs 300 crore to revenue. Losses widened to Rs 600 crore from Rs 270 crore the prior year. The company aimed for EBITDA profitability by March 2020 while expanding its relay-as-a-service (RaaS) offerings to fleet owners. |
| Sep 2019 | Series E | KB Global Platform Fund (lead) | $5M | $1.1B | Rivigo is a technology-enabled logistics startup founded in 2014 by Deepak Garg and Gazal Kalra, offering pan-India delivery services to ecommerce, pharmaceutical, automobile, cold-chain, and fast-moving consumer goods companies. The company operates over 2,100 trucks, covering more than 29,000 pin codes across India, and provides integrated solutions including transportation, warehousing, and distribution. In September 2019, Rivigo raised $4.9 million from South Korea-based KB Global Platform Fund, the investment arm of KB Financial Group, as an extension of its Series E round. This funding valued the company at $1.05 billion post-money, achieving unicorn status after a prior Series E raise of $65 million in July at $950 million valuation. The round involved allotting 1,263 cumulative convertible preference shares at a premium of INR 279,143 per share. Rivigo reported revenue of INR 720 crore in FY18, with expenses at INR 990 crore. The funds were aimed at strengthening technology, network coverage, and operational efficiency, including launching the National Freight Index for transparency in the unorganized logistics sector. Key existing investors include SAIF Partners and Warburg Pincus. |
| Jul 2019 | Series E | Elevation Capital (lead); Warburg Pincus (lead) | $65M | $1B | Rivigo is a Gurugram-based logistics startup founded in 2014 by Deepak Garg and Gazal Kalra, operating a tech-driven platform with a relay trucking model to improve driver safety, reduce fatigue, and enhance delivery reliability across India. It owns its fleet of trucks while also running a freight marketplace, serving sectors like ecommerce, pharmaceuticals, automobiles, cold-chain, and FMCG, with coverage over 29,000 pin codes and more than 2,100 trucks across 150 locations. In July 2019, Rivigo raised $65 million in its Series E round led by existing investors Warburg Pincus and SAIF Partners (now Elevation Capital), part of over $280 million raised to date, aimed at expanding network, tech infrastructure, and relay trucking scale. The company was valued at nearly $1 billion around this period, having entered unicorn status formally in September 2019 with a $4.9 million investment from KB Global at $1.05 billion valuation. For FY2019 (ended March 2019, proximate to the October 2019 query date), Rivigo reported revenue of Rs 1,028 crore, up 42-45% year-over-year (or Rs 300 crore added per company claim), but losses widened to Rs 600 crore from Rs 270 crore prior year due to investments in technology, infrastructure, and automation. Non-operating expenses reached Rs 813 crore. All business lines were reportedly operationally profitable, with expectations of cash breakeven by end of FY2020 and EBITDA profitability targeted around March 2020. Rivigo competed in India's trucking overhaul space against players like BlackBuck and Delhivery, emphasizing its relay-as-a-service model for fleet owners to address driver shortages and enable scale. Post-round, it shifted focus to relay trucking algorithms for driver allocation and behavior monitoring, projecting 30-40% growth with improved margins amid economic headwinds. |
| Jan 2018 | Series D | Elevation Capital (lead); Warburg Pincus (lead); InnoVen Capital | $51M | $943M | Rivigo is a Gurugram-based tech-enabled logistics platform offering pan-India delivery services to sectors including e-commerce, pharmaceuticals, automobiles, cold-chain, and fast-moving consumer goods, utilizing a relay driver model for faster, safer, and cost-effective transport. The company had expanded from full truck loads to part truck loads, building a feeder network of smaller trucks and 200 processing centers to serve over 3,000 enterprises and SMEs across 16 sectors. Clients reportedly saved 12-20% on logistics costs by using Rivigo's services. The company reported strong financial growth in FY18 (year ended March 2018), with operating revenues rising 78% to Rs 692.6 crore from Rs 388.4 crore in FY17, and total income up 76% to Rs 719.8 crore; net revenue was reported as Rs 721 crore ($101.16 million) in some sources. Despite revenue growth, net losses more than doubled to Rs 270.2 crore from Rs 123.4 crore, driven by an 86% increase in total expenses to Rs 990 crore, with other expenses (including transport and distribution at Rs 510.6 crore) comprising 73% of costs. FY17 revenues were Rs 402 crore, up from Rs 149 crore, with losses at Rs 137 crore. Operating in India's $80 billion road transportation market, which remains largely unorganized with few players owning large fleets, Rivigo faced challenges like personnel churn, including a board resignation in October 2018, and scalability issues in driver recruitment for fleet expansion. |
| Oct 2016 | Series C | Warburg Pincus (lead) | $75M | $440M | Rivigo, a Gurgaon-based tech-enabled logistics services provider founded in 2014 by Deepak Garg and Gazal Kalra, raised $75 million in a Series C funding round from an affiliate of Warburg Pincus in October/November 2016 for a minority stake. The company operates a fleet of over 2,000 trucks across more than 150 locations in India, serving sectors including e-commerce, FMCG, automotive, retail, pharmaceuticals, apparel, electronics, and engineering machinery with services like Prime, Zoom, and Green, featuring GPS tracking, analytics, and paperless billing. The funds were earmarked for scaling service offerings nationwide, investing in technology such as IoT, automation, and data sciences, as well as hiring and building leadership. Warburg Pincus highlighted Rivigo's potential to disrupt India's trucking industry through a unique technology-driven operating model, with prospects enhanced by the impending Goods and Services Tax (GST) implementation, which would reduce vehicle downtime by eliminating waybills and local tax compliances. Prior to this round, Rivigo had raised $30 million in Series B and $9.6 million earlier from SAIF Partners, plus debt from Trifecta Capital. The investment marked Warburg Pincus's third in India's logistics sector. Subsequent rounds included $15 million debt in March 2017 and a Series D in late 2017/early 2018 raising ~$50 million from SAIF and Warburg Pincus at ~$900M-$1B valuation. FY2017 financials later showed revenues contributing to $80.97M total expenditure and $21.1M losses. |
| Dec 2015 | Series B | Elevation Capital (lead) | $30M | - | Rivigo is a Gurugram-based logistics services platform founded in 2014 by Deepak Garg and Gazal Kalra that provides pan-India delivery services to e-commerce, pharmaceutical, automotive, cold-chain, and FMCG companies. The company operates over 250 processing units and more than 70 pit stops, covering over 30,000 pin codes across India. In December 2015, Rivigo raised $30 million in combined equity and debt financing led by SAIF Partners (now known as Elevation Capital), alongside other investors. The company achieved unicorn status in September 2019 when it raised capital at a $1.05 billion valuation from KB Global Platform Fund. By the time of its Series G round in November 2020, Rivigo had raised a total of $280 million across multiple rounds since inception. In August 2022, the company raised an additional $2 million in a Series H round led by Elevation Capital and Spring Canter Investment, and was later acquired by Mahindra Logistics in November 2022. |
| Apr 2015 | Series A | Elevation Capital (lead) | $10M | - | - |
Who has invested in Rivigo?
6 investors have backed Rivigo across its funding rounds, including Elevation Capital, Warburg Pincus, Spring Canter Investment, SAIF Partners, InnoVen Capital and KB Global Platform Fund.
Lead investors include Elevation Capital, Spring Canter Investment, SAIF Partners, KB Global Platform Fund and Warburg Pincus.
Rivigo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Gurgaon | 6 | Lead | Apr 2015 | |
 New York City, NY | 3 | Lead | Oct 2016 | |
| Spring Canter Investment | -- | 2 | Lead | Dec 2019 |
 Hong Kong | 1 | Lead | Dec 2019 | |
This data is available for Pro users. Sign up to see all 6 Rivigo investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialRivigo Competitors
Rivigo competitors include listed companies like GuoChuang Software and JSTI, and private ones like Huochebang, Korea Credit Data, Globality and UISEE.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Guizhou | Private | - | - | $1B | - | |
 Seoul | Private | $44M | - | $943M | - | |
| San Francisco, CA | Private | - | - | $900M | - | |
| Beijing | Private | - | - | $1.1B | - | |
| China | Publicly listed | $220M | ($17M) | $960M | - | |
| China | Publicly listed | $622M | $30M | $947M | 1.7x |
Rivigo Public Comps
Rivigo is still privately-owned, but its public comps include Upwork, Indiamart, Tripadvisor, LegalZoom, Baltic Classifieds Group, Grupa Pracuj, Keytop Parking, The RealReal, Blackbuck and GuoChuang Software.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $788M | $180M | 1.0x | 1.1x | 4.6x | 3.6x | |||
| $164M | $70M | 4.2x | 4.1x | 9.9x | 11.9x | |||
| $1.9B | $160M | 0.6x | 0.6x | 6.8x | 4.2x | |||
| $756M | $74M | 1.2x | 1.1x | 12.1x | 4.8x | |||
| $102M | $79M | 11.2x | 10.9x | 14.5x | 14.1x | |||
| $214M | $95M | 4.6x | 4.4x | 10.3x | 9.7x | |||
| $124M | $29M | 7.5x | - | 32.3x | - | |||
| $693M | $15M | 2.2x | 2.0x | 99.6x | 24.6x | |||
This data is available for Pro users. Sign up to see all Rivigo competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Rivigo
| When was Rivigo founded? | Rivigo was founded in 2014. |
| Where is Rivigo headquartered? | Rivigo is headquartered in Gurgaon, India. |
| Is Rivigo publicly listed? | No, Rivigo is a private, VC-backed company. |
| What is Rivigo's valuation? | Rivigo was last valued at $1.1B in its Series E in September 2019. |
| How much funding has Rivigo raised? | Rivigo has raised $269M across 9 funding rounds. |
| What was Rivigo's last funding round? | Rivigo's last funding round was a $2M Series H in August 2022, led by Elevation Capital and Spring Canter Investment. |
| Who are Rivigo's investors? | Rivigo's investors include Elevation Capital, Warburg Pincus, Spring Canter Investment, SAIF Partners, KB Global Platform Fund and InnoVen Capital. |
| What is Rivigo's revenue? | Rivigo's latest recorded revenue is $77M (September 2019). |
| What is Rivigo's revenue multiple? | Rivigo's latest valuation implies a 13.8x revenue multiple ($1.1B valuation on $77M of revenue). |
| Which companies are comparable to Rivigo? | Companies comparable to Rivigo include Huochebang, Korea Credit Data, Globality, UISEE, GuoChuang Software and JSTI. |
See companies similar to Rivigo
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.