Connect with us

Tech News

India’s Rivigo raises $65M to expand its freight and logistics platform – TechCrunch

Published

on

Rivigo, a tech startup in India that wants to build a more reliable and safer logistics network, has raised $65 million as major investors continue to place big bet on opportunities in overhauling trucking system in the country.

The Series E round, which has not closed, for the five-year-old startup was led by existing investors Warburg Pincus and SAIF Partners.  The startup, which has raised more than $280 million to date, said it aims to be profitable by March next year.

Rivigo operates a tech platform that tracks and manages shipments and ensures that drivers are available at all times and trucks are as fully loaded as possible. The platform also automatically rotates drivers so that they can get enough rest and see their family while the trucks keep moving. Drivers use an app to navigate maps and accept assignments.

“Relay trucking is now very well established where relay truck pilots lead better life and customers gets exceptional service. With technology and freight marketplace, we now want to bring relay to every truck in the country,” Deepak Garg, founder and CEO of Rivigo, said in a statement.

Rivigo, which competes with heavily-backed startups such as BlackBuck, owns its own fleet of trucks while also operating a freight marketplace. This separates it from competitors that serve purely as an aggregator — or Uber for trucks, if you will.

The startup, which claims to have the largest reach in India, said it would use the fresh capital to further expand its network and tech infrastructure in the country. Financially, too, Rivigo has driven past many of its competitors. In the financial year that ended in March this year, Rivigo’s revenue jumped to $105 million at a 77% year-over-year growth rate. Its losses also widened to $35 million, according to disclosures it made to the local regulator.

“From building algorithmically complex models to accurately predicting the life journey of a consignment to creating a dynamic pricing engine for the freight marketplace, the company is working on hundreds of unique problems at scale,” said Garg.

India’s logistics market, despite being valued at $160 billion, remains one of the most inefficient sectors that continues to drag the economy.

Last month, Rivigo launched National Freight Index that shows live tariff rates for different lanes and vehicles in the country in a bid to bring more transparency to the ecosystem.

More to follow later today…

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Tech News

Kia EV6 GT Packs 576 Electric Horses And A Drift Mode

Published

on

You might not associate Kia with performance vehicles, but with 576 horsepower on tap, the new EV6 GT unveiled during Monterey Car Week aims to change that.

Continue Reading

Tech News

This Electronic ‘Skin’ Lacking A Chip Could Be The Future Of Wearables

Published

on

But here’s the exciting part: The electronic skin can also be easily customized with a different kind of ion-sensing membrane that is sensitive to other chemicals like glucose and cortisol in the sweat. “We showed sodium sensing, but if you change the sensing membrane, you could detect any target biomarker,” adds co-author of the paper, Jun Min Suh. 

In 2018, a team from Stanford University also came up with a wearable device that can measure cortisol levels in sweat and analyze stress levels. Additionally, 2021 wearable-centric research from the Ecole Polytechnique Fédérale de Lausanne in France revealed that cortisol can be used as a biomarker for treating conditions like burnout and obesity.

Another critical benefit is that the electronic skin is flexible, which means the comfort aspect has already been taken care of. That’s a huge relief, as sleeping while wearing a smartwatch so that it collects detailed information about heart rate patterns is not the most comfortable experience. Plus, sleep tracking coupled with continuous heart rate monitoring is also quite taxing on the battery life of a smartwatch. 

An electronic skin that can transmit data related to heart rate and changes in the chemistry of sweat without a chip or transmission gear is a truly remarkable step. Work in the domain has been making tremendous process. From the potential for tattoos that monitor health to artificial skin that can heal its own bruises, the possibilities are almost endless. 

Continue Reading

Tech News

TikTok Is Furious About This Dodge Charger EV Feature

Published

on

While the TikTokers present at the event seemed blown away by the new Daytona SRT, their comments sections were not as kind. The vehicle’s exhaust feature was panned by a number of users in the replies, with one of the commenters on Fitrich76’s video simply replying: “We reving [sic] speakers now.” Another TikToker, Justin Hillard, is amongst the crowd predicting the move to electric will backfire on Dodge. He said: “Funny part is they will see the sales go down very quickly. Because no one wants electric. Especially because if everyone has to go electric then.” Caleb Schueng added, “You [sic] can I download the challengers exhaust sound? I wanna put it in my civic.”

Comments on ModdedDetroit’s TikTok followed a similar theme, with one user stating: “Such a sad era we’re going into.” Another user simply said, “we truly are going into dark times,” and one user criticized the vehicle’s figurative lack of soul. A notable portion of the comments section claimed Dodge was going to go out of business, though one user did say the car was better than Ford’s Mach-E.

These are just examples from a couple of accounts, but they do seem to reflect the broader reaction across social media. Influencers attending the events seemed quite complimentary about the new EV, while the majority of their followers tore the concept apart. In several cases, the electric engine sound was likened to the noise Simba from “The Lion King” made when he was trying to roar. You could easily argue that comment sections are the last places you want to look while gauging public opinion, but there’s also a case for saying these are the exact people Dodge was hoping to win over with the Daytona SRT.

Continue Reading

Trending