Elevation Capital and Spring Canter Investment Limited were two venture capitalists that the business obtained funding from by issuing 11,840 Series H compulsorily convertible preference shares to each of them, according to regulatory filings with the Registrar of Companies (RoC).
Rivigo, located in Gurugram, raised $2 million in a Series H round headed by current investors Elevation Capital and Spring Canter Investment, a Warburg Pincus subsidiary. Rivigo has raised Rs 16 crore (around Rs 16 crore). Elevation Capital and Spring Canter Investment Limited were two venture capitalists that the business obtained funding from by issuing 11,840 Series H compulsorily convertible preference shares to each of them, according to regulatory filings with the Registrar of Companies (RoC). The business held off making a statement on the news until it was published. The company completed its Series F round in December 2019 with investments of Rs 141.97 crore ($20 million) from SAIF Partners and Spring Canter Investment Ltd.
Rivigo, has shown the growth through their effort put into financing and how they’ll use this finance
The logistics tech unicorn had secured $3.4 million in debt financing from Trifecta Capital as of January 2020. After receiving $4.97 million from KB Global platform fund, the investment division of South Korean-based KB Financial Group Inc, Rivigo joined the unicorn club in September 2019. The company had been valued at $1.05 billion. Rivigo, founded in 2014 by Stanford alumnus Gazal Kalra and IIT Kanpur graduate Deepak Garg, offers pan-India logistics services to businesses in the e-commerce, pharmaceutical, automotive, cold-chain, and FMCG sectors. Rivigo asserts that it has the widest network service coverage, encompassing over 30,000 pin codes in India, with more than 250 processing units and more than 70 pit stops. Another current trend is that FirstCry, an omnichannel retailer of baby items, and Rivigo are reportedly in negotiations for a possible acquisition. This shows the growth and development of the company over the years. They have worked hard for the financing and are proving their metal in the market.