COGOS raises Rs 10cr debt from Vivriti Capital
Debt to be used by COGOS to expand national footprint and hiring
COGOS, India’s leading tech-logistics start-up, has raised Rs 10 crore ($1.2 million) debt financing from Vivriti Capital.
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., says an official release.
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 hiring purposes.
“City logistics is growing steadily and we are set to witness some high rise in demand, specifically from non-tier 1 cities," says Prasad Sreeram, CEO & Co-Founder, COGOS. "Immediate capital investment will help us meet this demand with complete efficiency. We are glad to have the support of Vivriti Capital in issuing this credit line for us. We are determined to utilise it in our aggressive expansion plan, specifically in tier-II and tier-III cities.”
COGOS is backed by India and US-based VC fund WorldQuant Ventures, UAE-based logistics major Transworld as well as Indian Angel Network (IAN), EV2 Ventures and Lets Venture.
Gautam Jain, Chief Business Officer, Vivriti Capital adds: “We are happy to engage with COGOS and support their essential expansion into tier-II and tier-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.”