Mumbai: Trucking logistics firm Rivigo is the eighth Indian startup to become a unicorn — valued a billion dollars or more — this year, after it raised $4.9 million from a South Korean fund, KB Platform Fund, according to regulatory filings with the Ministry of Corporate Affairs.
Entrackr first reported the development.
It is now valued at $1.05 billion, from the $950 million it was valued at in February last year, when it raised $50 million from SAIF Partners and private equity major Warburg Pincus.
Rivigo has been out to raish fresh capital for over a year now, and Mint reported in September last year that it is in talks to raise $400 million. However, it hasn’t been able to do so, and has been topped up by existing backers SAIF and Warburg, who last invested $65 million in July this year.
A Rivigo spokesperson did not respond to a message seeking comment.
Launched in 2014, Gurugram-based Rivigo has a ‘relay trucking’ model, under which a truck driver hands over the vehicle to another driver at a designated pit stop, thereby ensuring that the truck is not idle at any point during the journey.
Rivigo’s relay model ensures drivers are behind the wheel for a maximum of four-five hours at a stretch and reach home the same day. It also has a freight marketplace.
However, Rivigo has also become a unicorn at a time when India’s unicorn club is growing faster than ever.
The other unicorns created this year include Icertis, a contract management software platform, grocery startup BigBasket, ecommerce logistics firm Delhivery, software firm Druva, fantasy gaming startup Dream11, IT healthcare firm CitiusTech and Ola Electric, the electric vehicle arm spun off from ride hailing startup Ola, itself one of India’s earliest unicorns.