The Competition Commission of India (CCI) yesterday approved the acquisition of the technology-enabled Indian logistics company Rivigo Services (Rivigo) by Spring Canter Investment (SCIL) through the subscription of compulsorily convertible preference shares, under Section 31(1) of the Competition Act, 2002.
SCIL is an investment holding company incorporated under the laws of Mauritius and does not have any physical presence in India. Its shareholders are certain private equity funds managed by Warburg Pincus LLC (Warburg), says release.
Warburg is a member-owned private equity firm headquartered in New York, United States, and acts as a manager to certain private equity funds. The portfolio companies owned by the private equity funds 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.