The Silicon Review ^Asia

Rivigo, a five years old Indian tech startup, has raised $65 million in its series E Funding. The Funding round was led by existing investors SAIF Partners and Warburg Pincus. The funding round comes at a time when big investors are betting on opportunities on revamping the trucking system in India.

Tech Crunch report suggests that the funding round will help Rivigo to expand its freight and logistics platform. Till date, the startup has received capital worth $280 million.

The company said that it will use the fresh round of finance to expand its network and tech infrastructure in India, the reports said. The new capital has also put the company in the driver’s seat in terms of maximum amount of finance received while outpacing its competitors. In FY 18-19, the company’s revenue was reported to be $105 million with a yearly growth rate of 77 percent.

Rivigo’s losses also widened to $35 million, the report added.

The company’s rivals include heavily backed startup, BlackBuck. Since Rivigo owns its fleet of trucks while also operates a freight marketplace; sets it apart from other competitors that serve purely as an aggregator.

Despite being valued at $160 billion,India’s logistics marketplace is still volatile and continues to drift the economy in India.

The new funding for Rivigo will lift its standards as a startup.