Get All Access for $5/mo

Rapido Secures $52 Mn Funding With its latest round of funding, Rapido will be making strategic investments in cutting-edge innovations, technology, people, and supply to further boost its growth in the country

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Unsplash

Rapido, bike taxi platform, recently announced securing $52 million in its latest round of funding that saw participation from new investors including Shell Ventures; Yamaha; Kunal Shah, CRED; Amarjit Singh Batra, Spotify India; and Positive Moves Consulting. The round also witnessed continued support from existing investors – Pawan Munjal, Hero Group; Westbridge; Nexus Venture; and Everblue Management.

With its latest round of funding, Rapido will be making strategic investments in cutting-edge innovations, technology, people, and supply to further boost its growth in the country and make affordable transportation a reality for the masses.

"We are committed to providing the country with an affordable, accessible and safe everyday commuting option. Today, Rapido is the largest bike taxi player in the country operating in around 100 cities. Even though our product and business model are lucrative and have the potential to churn out an exceptional revenue, this fundraising indicates more of the investors' confidence in us than the need for capital. From 15 million users in the last two years, we now plan to increase that number to 50 million in the next 18 months and continue providing affordable transportation for the masses," said Aravind Sanka, co-founder, Rapido.

Rapido is currently present in around 100 cities across the country with over 15 million customers and over 1.5 million Captains (driver-partners). The company has grown tenfold in FY 2020, which has resulted in investor's confidence in the growth of the company and the bike taxi industry in the country. It is the only mobility player in the country that is confident of growth, despite the tremors of the ongoing pandemic, the company shared.

The rapid scaling of quick commerce and hyperlocal delivery has further driven Rapido's expansion into on-demand logistics with Rapido Local and Rapido Store. The company's Auto service launched in 26 cities has also recorded a growth of fourfold and overall, Rapido has witnessed a strong recovery of 85 per cent as compared to pre-COVID. The company previously raised a total funding of $80 million from various investors including Westbridge AIF, Nexus Ventures, Sabre Investment, Skycatcher LLC, Bace Fund, Integrated Growth Capital, among others.

Prabhjeet Bhatla

Former Staff

Side Hustle

At Age 15, He Used Facebook Marketplace to Start a Side Hustle — Then It Became Something Much Bigger: 'Raised Over $1.6 Million'

Dylan Zajac, now a 21-year-old senior at Babson College, wanted to bridge the digital divide.

Business News

OpenAI Just Released Its Text-to-Video Generator, Sora. Here's How the New AI Could Impact Small Businesses and Creators.

Sora has a variety of use cases for businesses, from social media campaigns to video creation.

Leadership

How to Master the Art of Delegation — Lessons From Andrew Carnegie's Legacy

Here's what Andrew Carnegie can teach today's entrepreneurs about leadership, teamwork and effective delegation.

Business News

'Faster, Smarter, and More Relevant': Reddit Tests AI That Combs the Site For You

The AI is like a blend of Google and ChatGPT, tailored specifically for Reddit.

News and Trends

Metropolis Healthcare Acquires Core Diagnostics for INR 246.8 Cr

The deal will be financed through a combination of cash and equity, with 55% of the transaction in cash and the remaining 45% through an equity swap.

Growing a Business

This Cozy Coffee and Garden Shop Has Become a Staple in Its Community By Following 5 Smart Strategies

Maypop is a combination coffee and garden shop where a blend of community building and customer service creates an unforgettable experience.