Logistics company Rivigo Services has raised debt financing of Rs.100 crore from a clutch of private sector banks to expand its fleet of trucks. The Gurgaon-based startup has raised about Rs.400 crore from some of the country’s largest private sector lenders, including Kotak Mahindra Bank, HDFC Bank, YES Bank, and ICICI Bank, to finance the ramping up of its fleet. Set to increase its fleet to 2,100 trucks, Rivigo is also preparing to introduce new products, including a technology to automate its trucking operations. The latest financing follows the USD 75 million the company raised in equity funding from global private equity firm Warburg Pincus in November 2016. The proceeds, it announced then, would go towards improving technology and ramp up hiring among other things. Unlike some other start-ups, Rivigo is not following an asset-light model. The company has thus come to own its own fleet, and an entire network of supply-chain and logistics infrastructure. The Andy Warhol Truck, as part of the new products, the company wants to introduce, has engine featuring in vehicle continuum data, driver data and sales forecasts to reduce inefficiencies by predicting quicker turnaround times.

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