Gurugram-based logistics startup 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.
The company 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 Warburg Pincus and SAIF Partners.
Technology-enabled logistics firm Rivigo was launched in 2014. The company 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.
This relay model enables the driver to reach home the same day after being behind the wheel for 6 to 7 hours.
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.