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COGOS, India’s main tech-logistics startup, has raised $1.2 million debt financing from Vivriti Capital, a fintech NBFC. The credit score line issued can be utilised by COGOS as they head in direction of an aggressive growth, since their operations are actually energetic throughout the nation. The debt funding raised from Vivriti Capital can be used to increase its nationwide footprint and for hiring functions.
“Metropolis-logistics is rising steadily and we’re set to witness some excessive rise in demand, particularly from non-tier 1 cities. Instant capital funding will assist us fight this demand with full effectivity. We’re glad to have the assist of Vivriti Capitals in issuing this credit score line for us. We’re decided to utilise it in our aggressive growth plan, particularly in tier 2 and tier 3 cities,” mentioned Prasad Sreeram, CEO and co-founder of COGOS
COGOS is backed by reputed India and US-based VC funds, WorldQuant Ventures, UAE-based Logistics main Transworld in addition to Indian Angel Community (IAN), EV2 Ventures and Lets Enterprise. COGOS very lately acquired the FMCG Trendy commerce enterprise of Porter. They’ve aggressively elevated their community, leading to regular growth. It is usually the India’s first asset-light B2B Metropolis logistics platform with over 350 metropolis community of truckers throughout India, on-boarded by totally self-serve Digital Onboarding as a part of their Proprietary Tech Platform, based on an official assertion by the corporate.
“We’re completely happy to have interaction with COGOS and assist their important growth into Tier II and III cities. This partnership strikes Vivriti one step nearer to attaining its objectives since we see an enormous market alternative within the mid-sized sector and are at all times striving to shut the funding hole between these companies and the sources which might be obtainable. We at Vivriti have been capable of ship hassle-free move of debt finance with most flexibility and brief turnaround time due to the corporate’s sturdy technological and threat evaluation basis,” mentioned Gautam Jain, chief enterprise officer at Vivriti Capital.
Vivriti Capital is a fintech NBFC that goals to convey crucial debt finance to tons of of mid-market enterprises throughout India and has claimed to constructed a extremely profitable franchise, with a $900 million of portfolio, in addition to over 800 purchasers throughout greater than 40 sectors and 26 states.
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