Rivigo的中继卡车押注：马恒达2022年以2.25亿卢比收购快递业务

做的是什么生意

Rivigo was a Gurugram-based technology-enabled trucking company running a relay model: trucks keep moving around the clock while 'pilot' drivers hand them over at pit stops and return home the same day, serving e-commerce, pharma, auto and FMCG shippers.

启动资金：~$180M raised by mid-2019, including a $65M round from Warburg Pincus and SAIF Partners that made it a unicorn; a further ₹16 Cr Series H in Aug 2022

起因

Founded in 2014 in Gurugram by McKinsey alumni Deepak Garg and Gazal Kalra after Garg's road trip talking to truck drivers, Rivigo started from the insight that long-haul trucking's speed and reliability problems were really driver-supply problems. If drivers returned home daily, the job became respectable and trucks could run almost non-stop like aircraft, with 'pilots' handing over at roughly 250 km pit stops.

经过

Rivigo grew a fleet of ~3,000 owned containerised trucks, 70+ pit stops and 3,000 customers across 20 sectors, raising ~$180M through 2019 from Warburg Pincus, SAIF Partners and others and crossing a $1 billion valuation. But the model was asset-heavy and cash-hungry: reports put burn near ₹15 crore a month, and when the 2022 funding winter hit, the board told executives 'staying independent wasn't an option anymore'. Talks with Flipkart and Xpressbees led nowhere, and existing investors put in only ₹16 crore ($2M) in August 2022.

结果

On 26 September 2022 Mahindra Logistics agreed to buy Rivigo's B2B express business, technology platform and the Rivigo brand for ₹225 crore in a slump sale — far below the $1.05 billion valuation of September 2019. Rivigo kept its truck fleet and full-truck-load operations, without the brand.

可借鉴之处

新颖的运营模式可以赢得客户和独角兽估值，但资产重且烧钱的财务模式让退出取决于融资寒冬：快递业务以峰值估值的一小部分售出。