Returning investor Elevation Capital has invested Rs 84.4 crore ($11.4 million as per exchange rates on date of shares allotments) in technology enabled logistics startup Rivigo Services, according to regulatory disclosures filed late October.
Formerly known as SAIF Partners, Elevation has purchased 17,061 preference shares of an equity band titled Series G1 in the Gurugram-based startup, according to regulatory filings.
Founded in 2014 by Garg and Gazal Kalra, Rivigo provides transport services across ten industries such as clothing, ecommerce, automotive, frozen and processed foods, FMCG and automobiles. It manages a fleet of over 5,000 trucks, with a presence in over 4,000 cities and 29,765 pincodes in India.
In the financial year ended March 2019, the company reported a 42% growth in revenues to Rs 1,028 crore. Losses had widened to Rs 602.3 crore against Rs 270.2 crore a year earlier.
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