Assertion Contradicted AI assessment confidence: 95% certainty 4/5 debate potential 2/5

Garg: Rivigo was profitable when it raised funding from Warburg Pincus

Deepak Garg · Why This Founder Won’t Sell Zomato for 10 Years | India’s Top Consumer Tech Bet? · May 23, 2025 · at 4:25

Deepak Garg discusses Rivigo's early fundraising trajectory and unit economics with host Siddharth Ahluwalia.

0:00 / 0:06exact quote · 6.9s

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“Yeah, there was a product market fit on day one, and you know, we when we raised Warburg money, we were profitable.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

Rivigo was profitable when the company raised funding from Warburg Pincus.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

Deepak Garg claimed that Rivigo was profitable when the company raised funding from Warburg Pincus. However, audited financial statements filed with the Ministry of Corporate Affairs (MCA) and Registrar of Companies (RoC) show that Rivigo Services Pvt Ltd operated at a net loss during the initial Warburg Pincus funding round in November 2016 (FY 2016–17: net loss of ₹137 crore on revenue of ₹402 crore) as well as the preceding year (FY 2015–16: net loss of ₹5.5 crore). Subsequent Warburg Pincus funding rounds in FY 2017–18 (Series D), FY 2019–20 (Series E), and FY 2020–21 also took place while the company recorded substantial annual net losses (₹270.23 crore in FY18 and ₹542 crore in FY20), with no recorded positive operating profit (EBITDA) or net profit (PAT).

MCA/RoC filings show Rivigo recorded a net loss (PAT) of ₹137 crore on ₹402 crore in revenue in FY 2016–17, the financial year of Warburg Pincus's initial Series C investment ($75 million in November 2016).
In the year preceding the initial investment (FY 2015–16), Rivigo posted a net loss of ₹5.5 crore on ₹149 crore in revenue.
During subsequent Warburg Pincus funding events in FY 2017–18 and FY 2019–20, Rivigo incurred net losses of ₹270.23 crore and ₹542 crore, respectively.

Checked against

[1] clay.com [2] entrackr.com [3] economictimes.com [4] livemint.com [5] vccircle.com [6] business-standard.com [7] entrackr.com [8] facebook.com

"Rivigo" "FY17" "net loss" OR "net profit" OR "EBITDA" "crore" "Rivigo" "FY15" "net loss" OR "net profit" "Rivigo" "Warburg Pincus" funding 2016 OR 2017 "Rivigo" "Warburg Pincus" "profitable" OR "profit" OR "loss" "Rivigo" FY16 OR FY17 profit loss MCA filings RoC "Rivigo" FY17 net loss revenue financial statements

assessed as of 2026-09-02

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

Rivigo Warburg

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