Rivigo, situated in Gurugram, offers a pan-India B2B express network that covers over 19,000 pin codes across the country.
Rivigo Services Private Limited (RSPL) has found a buyer in Mahindra Logistics (MLL), as both firms stated on September 26 that they had reached an agreement to purchase the former’s B2B express company. MLL will purchase the express business via a Business Transfer Agreement (BTA), which will include the clients, employees, and assets of RPSL’s B2B express business, RSPL’s technology platform, and the Rivigo brand.
RSPL will retain ownership of its truck fleet as well as the rights to full truck-load (FTL) operations.
MLL will benefit from the acquisition by expanding its existing B2B express business by using Rivigo’s excellent network, technology, and process capabilities. MLL is a supply chain solutions provider that integrates its 3PL, FTL transportation, warehousing, cross-border logistics, last mile, and B2B express logistics services.
This announcement comes a month after Rivigo was in talks with e-commerce firm Flipkart and multi-channel baby products firm FirstCry about a possible sale, according to media sources. Despite being a unicorn, Rivigo raised a $2 million Series H investment sponsored by Elevation Capital and Warburg Pincus affiliate Spring Canter Investment last month.
Rivigo, situated in Gurugram, has a pan-India B2B express network that covers over 19,000 pin codes across the country. They have around 250 processing centres and branches spread across more than 1.5 million square feet. ft.
“B2B Express Logistics continues to see strong tailwinds as clients focus on deepening delivery networks, increasing digital use, and investing in agile supply chains,” stated Rampraveen Swaminathan, MD & CEO of Mahindra Logistics Limited. This acquisition will expand and strengthen our services and reach for our customers in the B2B express and PTL space.”
“Team Rivigo has created deep skills, and we look forward to building on the strengths as we combine the businesses,” he continued, “and we are excited by the team, as they have a common ethos with a shared focus on empowering drivers and communities.”
“Rivigo has its roots in the relay full truckload business,” said Deepak Garg, CEO of RSPL. With a pan-India network and high-quality technology and service backbone, we have created a strong brand in the PTL / Express services throughout the years. We feel that being a member of a high-quality, end-to-end Supply chain services organisation like MLL will tremendously benefit our PTL business’s clients and workers.”