Technology-enabled logistics startup Rivigo has ordered 1,200 medium and heavy commercial vehicles (M&HCVs) from Ashok Leyland for its pan-India fleet.
The company, which had raised USD 40 million in largely equity financing till date from SAIF Partners with a small component of venture debt funding from speciality debt financing firm Trifecta Capital, said its fleet size will increase by 80 percent with the latest order to 2,700 vehicles in the next 6-7 months.
Rivigo Founder and Chief Executive Officer Deepak Garg today said: "This order is a testimony of our commitment to offer the best in services and thus create value for our customers." The company is aiming to have the largest fleet in the industry, he added without sharing the value of the order.
With this order, the company is placed among top five of the surface transport industry which is otherwise dominated by small fleet owners with an average fleet size of 5-10 trucks, Rivigo said.
The order comprises Ashok Leyland's BOSS range of intermediate commercial vehicle (ICV).
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