India-based logistics services provider Rivigo is in talks with internet and telecommunications group SoftBank to raise between $100m and $400m in funding, the Economic Times reported today, citing unnamed sources.
The $100m figure was identified as a minimum amount by five people aware of the discussions, one of which told ET the funding would be between $200m and $400m. The deal would value Rivigo at close to $1bn, according to one of the sources.
The people did not reveal whether the investment would come from SoftBank’s balance sheet or its $93bn Vision Fund. Deepak Garg, Rivigo’s chief executive, has denied discussions are taking place while SoftBank declined to comment.
Founded in 2014, Rivigo operates a fleet of more than 2,000 trucks and offers logistics services such as full-truckload, three-day delivery anywhere in India, as well as express deliveries and cold chain logistics.
Rivigo’s technology platform takes into account factors such as fuel efficiency in order to reduce transit times, and tracks the tiredness of drivers to help them drive safely. The company also prides itself on offering a host of benefits to drivers such as mandatory pit stops and health insurance.
Rivigo previously raised $75m in series C funding from private equity firm Warburg Pincus in November 2016.
Private equity firm SAIF Partners led the company’s $30m series B round, which included an undisclosed portion of debt, in December 2015 having led its $9.6m series A round eight months earlier with participation from postal services provider Singapore Post and angel investor Thomas Netzer.