Tech logistics start-up COGOS has raised $1.2 million in debt financing from Vivriti Capital. The credit line issued will be utilised by the company as it heads towards an expansion since its operations are now active across the country.
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.”
The start-up is looking to expand in Tier-2 and Tier-3 cities. COGOS is backed by reputed Indian and US-based VC funds, WorldQuant Ventures, UAE-based logistics major Transworld, as well as Indian Angel Network (IAN), EV2 Ventures, and Lets Venture.
In January 2023, COGOS was declared NSA winner by the Government of India on the occasion of National Start-up Day under the category of Freight and Logistics services for their commendable work in the sector. In September 2021, the company raised pre-series A funding led by Transworld Group and Worldquant Ventures. COGOS very recently acquired the FMCG modern trade business of Porter. It has aggressively increased the network, resulting in steady expansion.
Gautam Jain, Chief Business Officer, Vivriti Capital, said, “We are happy to engage with COGOS and support their essential expansion into Tier-2/3 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.”