Gurugram-based Rivigo operates a pan-India B2B express network, covering over 19,000 pin-codes across the country
Due to investors' increased caution as a result of the prolonged economic slowdown, the unicorn logistics tech company has had difficulty raising new capital.
"While Rivigo transformed how companies move consumer goods and other products around India, redBus refashioned the way people moved around the country."
Recently, the company ordered 1,200 medium and heavy commercial vehicles from Ashok Leyland to expand its pan India fleet.
"Rivigo today announced a significant expansion of its part-truck load capability - Rivigo Zoom by adding more than 100 cities to its pan India coverage. With the expansion, Rivigo services can now be availed of in most state capitals, major cities and industrial centres," the company said in a statement.
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.