Logistics firm Rivigo recorded its revenue dwindling over 83% to Rs 114 crore in the fiscal year ending March 2023. The company generated over Rs 680 crore in its preceding fiscal year.
Rivigo’s revenue from operations dropped close to 87% to Rs 78 crore in FY23 from FY22’s Rs 600 crore. The revenue from operations for FY23 accounted for over 68% of its total expenses.
Established in 2014 by Deepak Garg and Gazal Kalra, Rivigo is a surface logistic company that offers trucking facilities across 10 industries across verticals including apparel, e-commerce, automotive, frozen and processed foods, FMCG, and automotive.
It is building the material movement pipeline of India and making logistics human, faster, safer and cost-effective. The company claims to have over 5000 high trucks fleets operational across 4,000 Indian cities.
Gazal Kalra, co-founder of Rivigo, exited the company in 2018.
Following its revenue, the supply chain company’s expenditure for FY23 shrunk a massive 95%. While the number, in FY22, stood at Rs 862 crore, it currently is at Rs 44.9 crore.
While finance costs took up over 25% of the overall expenses, employee benefits and depreciation contributed more than 18% and close to 15% each.
The Gurugram-based company has accumulated a total of over Rs 2,217 crore over 16 different fundraises. It last raised Rs 16 crore in 2022 in its Series H round led by Elevation Capital.
Post the infusion of the round, Elevation Capital holds over 30% of the company’s shares. The likes of Deepak Garg and Warburg Pincus also hold significant shares in Rivigo.
A year prior, the firm had raised its Series G round of over Rs 140 crore led by Warburg Pincus.
In the fiscal year ending March 2023, the company generated Rs 91 crore in profits after continuous years of losses. In FY22, the company ’s losses stood at Rs 179 crore. Its current EBITDA and ROCE as well improved to 76.45% and 93.58% respectively.