Logistics Startup Rivigo joins Unicorn Indian Startups club this week
- Rivigo produces unique innovative solutions for Automotive, Logistics and Transportation segments.
- After this deal, the valuation of the company reaches approx $1.05 billion market cap.
- Earlier on Jul 10, 2019, startup Rivigo raised $65 million funds from SAIF Partners and Warburg Pincus, in series E funding round.
- Rivigo has raised a total of $250.5 million of funds from four investors in 7 rounds of funding.
Founders concept and experience
The founder Deepak Garg on his LinkedIn profile “Making logistics human” – the basic concept behind the startup of logistics startup Rivigo. He completes B.Tech in mechanical engineering from IIT Kanpur and MBA in finance-economics-strategy from IIM Lucknow. Deepak served over 9 years in McKinney, and get the experience of the Indian consumers problem solving.
The entire concept is around the truck driver’s day-to-day problem solving, safety, and their social wellbeing with travel operations more efficient, be it theft control, pilferage control, asset control, reliability management, and safety.
Never-proven business model and Technology
Rivigo is the only technology company in India provides trucking model, based on machine learning, Ai, and big data uses. India is a highly populated country, and the need for transfer of logistics is an essential part of our economy, it is the lifeline of the Indian economy, lakhs of drivers and support staff connected with this sector.
Rivigo is the only technology company in India that provides trucking model, based on machine learning, Ai, and big data uses.
India is a highly populated country, and requirements of logistics are very high, to handle the very complex problems of unstructured space of transportation and logistics, and people working in the field, require specific tech-enabled solutions.
Rivigo solves the problems of Driver, a big unorganized community in India. Rivigo transforms the logistics and supply chain market in India with its innovative products and improves the social life of the driver, also ensures the quality of life of the driver and their family members.
Early stage problem and startup success story
The founder faced many hurdles at the time of launching a business in 2014, the time of Apps, every investor and experts talk about the apps.
In early-stage, the investors were not interested in funding the startups because the model is unique, never proven model, uncertainty about success. Secondly, the human resource in the field is low educated and belongs to lower social background. So, it is tough to handle the situation. But overall startups success always depends upon the severity of problems and the sector is facing severe problem is a key to our success, said founder, Deepak Garg in many interviews.
Rivigo was on the way of solving the problem of drivers, which never comes in mind of anyone. The genuine problem-solving approach makes the Rivigo not only a successful startup but now it becomes the UNICORN startup of India within 5 years of period.
The unique innovative Ai-driven solutions and a large market segment are attracting the investor interest in the Rivigo’s business model and the sector.
The logistic is a driving force of the Indian economy and contributing around 14% of the total GDP of the country. The company also predicts that India will require 1 million new drivers each year in the next 10 years, to fulfil the requirement of logistics.
Today Rivigo has a variety of customers across industries like automotive, pharmaceuticals, industrial goods, chemicals, food and beverages, media and publishing, packaging, electronics, apparel, FMCG, manufacturing, fashion and many other sectors using services of Rivigo to increase their efficiency and supply chain management.