COGOS to use the debt raise to strengthen its market leadership in the country
National, February 22nd, 2023: COGOS, India’s leading tech-logistics start-up 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.
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 for hiring purposes.
Prasad Sreeram, CEO & Co-Founder of COGOS said: “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.”
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.
Gautam Jain, Chief Business Officer at Vivriti Capital said: “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.”
In January 2023, COGOS was declared NSA winner by the Government of India on the occasion of National Startup Day under the category of Freight and Logistics services for their commendable work in the sector. In September 2021, they raised their pre-series A funding led by Transworld Group and Worldquant Ventures. COGOS very recently acquired the FMCG Modern trade business of Porter. They have aggressively increased their network, resulting in steady expansion.
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