National, NFAPost: COGOS, India’s leading tech-logistics startup has raised $1.2 million debt financing from Vivriti Capital, a fintech NBFC. The credit line issued will be utilised by COGOS as they head towards an aggressive expansion, since their operations are now active across the country.
Vivriti Capital is known for providing debt to mid-market corporations in India. COGOS, a rapidly growing intra-city logistics player has witnessed an uptick in its demand, and the debt funding raised from Vivriti Capital will be used to expand its national footprint and for hiring purposes.
COGOS CEO & Cofounder Prasad Sreeram said City-logistics is growing steadily and we are set to witness some high rise in demand, specifically from non-tier 1 cities.
“Immediate capital investment will help us combat this demand with complete efficiency. We are glad to have the support of Vivriti Capitals in issuing this credit line for us. We are determined to utilise it in our aggressive expansion plan, specifically in tier 2 and tier 3 cities,” said COGOS CEO & Cofounder Prasad Sreeram.
COGOS is backed by reputed India and US-based VC funds, WorldQuant Ventures, UAE-based Logistics major Transworld as well as Indian Angel Network (IAN), EV2 Ventures and Lets Venture.
Vivriti Capital Chief Business Officer Gautam Jain said the company is happy to engage with COGOS and support their essential expansion into Tier II and III cities.
“This partnership moves Vivriti one step closer to achieving its goals since we see a big market opportunity in the mid-sized sector and are always striving to close the funding gap between these businesses and the resources that are available. We at Vivriti have been able to deliver hassle-free flow of debt finance with maximum flexibility and short turnaround time because of the company’s strong technological and risk assessment foundation,” said Vivriti Capital Chief Business Officer Gautam Jain.
In January 2023, COGOS was declared NSA winner by the Government of India on the occasion of National Startup Day under the category of Freight and Logistics services for their commendable work in the sector. In September 2021, they raised their pre-series A funding led by Transworld Group and Worldquant Ventures. COGOS very recently acquired the FMCG Modern trade business of Porter. They have aggressively increased their network, resulting in steady expansion.
About COGOS:
COGOS (www.cogostech.com) is India’s first asset-light B2B City logistics platform with a 350+ city network of truckers across India, onboarded by fully self-serve Digital Onboarding as part of their Proprietary Tech Platform. They serve Full Truck Load (FTL) full-day bookings based on long-term customer contracts. Their offering is powered by a Specialised Full-stack AI-ML enabled Technology platform for B2B logistics and a Patented Energy-efficient Freight Mobility System comprising a modular trailer with fully loaded mechatronics, along with centralised data analytics to provide flexible, energy-efficient, safe and secured mode of freight handling.
COGOS works with leading Brands and Companies (shippers) and also partners with leading Global and Indian 3PL and Long-haul Logistics players. COGOS pan-India network is a backbone for enterprises with a pan-India retail presence, and for Last-mile logistics providers who need to cover a larger number of pincodes. Founded in 2016 by Serial Entrepreneurs and Technologists with decades of experience in logistics, technology, scaling and global operations.
COGOS is backed by reputed India and US-based VC funds EV2 Ventures, WorldQuant Ventures, UAE-based Logistics major Transworld and reputed Indian angel networks, IAN and Lets Venture. They were also awarded by the government of India on the occasion of National Startup Day, 2023 under the category of freight and Logistics services.
About Vivriti Capital Private Limited:
Vivriti Capital is a fintech NBFC that aims to bring necessary debt finance to hundreds of mid-market enterprises across India. Vivriti Capital has, over the last five years, built a highly successful franchise, with a $900 million of portfolio, as well as 800+ clients across 40+ sectors and 26 states. Vivriti focuses deeply on investment in technology, underwriting and distribution. Vivriti has done $2 bn disbursement at group level since inception.
Vivriti Capital raised $30 Million from TVS Capital to close Series C Funding round in May 2022. Vivriti had already raised $55 million in the first close of its Series C funding in March 2022, from existing investors Lightrock and Creation Investments.
