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CCI approves Spring Canter Investment's acquisition of logistics startup Rivigo

Published: Dec 01, 2020

By TIOLCORPLAWS News Service

NEW DELHI, DEC 1, 2020: Fair trade regulator, the Competition Commission of India (CCI), approved the acquisition of technology-enabled logistics company Rivigo Services Pvt Ltd (Rivigo) by Spring Canter Investment Ltd (SCIL).

The regulator in a tweet said, "Commission approves acquisition of additional shareholding by Spring Canter Investment in Rivigo Services."

SCIL proposes to subscribe to compulsorily convertible preference shares (CCPS) of Rivigo, under Section 31(1) of the Competition Act, 2002.

SCIL is an investment holding company and its shareholders are certain private equity funds managed by Warburg Pincus LLC (Warburg) which is headquartered in New York, U.S. Its portfolio companies are active in a variety of sectors, including energy, financial services, healthcare, pharma, general insurance, consumer, industrial and business services, technology, media and telecommunications.

Rivigo uses a 'driver relay' model that enables trucks to cover more distances at a faster pace against the industry average. Its full-stack logistics offering includes relay-led trucking and freight marketplace. It empowers numerous shippers and fleet operators to optimize their fleet and achieve maximum results and aim to bring an impact across the freight ecosystem by making it fully digital and transparent.

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