COGOS Raises $1.2 Million Debt Funding From Vivriti Capital The fund raised will be used to expand the national footprint and for the hiring purposes
By Teena Jose
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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. The debt funding raised from Vivriti Capital will be used to expand its national footprint and for hiring purposes.
"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 Prasad Sreeram, CEO and co-founder of COGOS
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. COGOS very recently acquired the FMCG Modern trade business of Porter. They have aggressively increased their network, resulting in steady expansion. It is also the India's first asset-light B2B City logistics platform with over 350 city network of truckers across India, on-boarded by fully self-serve Digital Onboarding as part of their Proprietary Tech Platform, according to an official statement by the company.
"We are 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 Gautam Jain, chief business officer at Vivriti Capital.
Vivriti Capital is a fintech NBFC that aims to bring necessary debt finance to hundreds of mid-market enterprises across India and has claimed to built a highly successful franchise, with a $900 million of portfolio, as well as over 800 clients across more than 40 sectors and 26 states.
