Gurugram based surface logistics firm Rivigo has received INR 84.4 crore in maiden equity financing round from existing investors Elevation Capital (former SAIF Partners).

This is Elevation Capital’s maiden investment post the company’s rebranding exercise and closure of a $400 million India focused fund. According to regulatory filings Elevation Capital has purchased 17,061 preference shares at an issue price of Rs 49,455 in G1 round of funding.

The current Series G1 round of funding is expected to continue and Rivigo is slated to raise more capital as the round progresses in the months to come.

With this capital raise the logistics tech company has so far raised over $280 million across various debt and equity funding rounds and counts heavyweights such as Warburg Pincus and Trifecta as its backers.

Founded in 2014 by Deepak Garg and Gazal Kalra, Rivigo leverages technology to enhance the material movement pipeline across India. The company has amalgamated technology, data, culture and operational excellence to redefine surface logistics industry which has traditionally been unstructured. It works across major industry verticals namely apparels, e-commerce, automotive, frozen and processed foods, FMCG and automotive.

Rivigo offers relay trucking services under three categories, Relay Full Truck Load, Express Cargo and Coldchain. The company has amassed a fleet of 5000 high trucks that are operational across 4,000 Indian cities. Rivigo counts over 2,00,000 verified fleet owners, operates via more than 70 pit stops and has so far completed over half-a-million trips.