• About
  • Contact
Saturday, June 25, 2022
  • Login
Next Big Brand
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail
No Result
View All Result
Next Big Brand

Rapido Closes $52 Million Funding Round

Abdul Kadir Khan by Abdul Kadir Khan
October 7, 2021
in Automobile
Reading Time: 2 mins read
A A
0
InShot 20210816 174737502 2

On Monday, bike taxi aggregator Rapido has announced that it has raised $52 million in the latest financing event from new investors including Shell Ventures, Yamaha, Kunal Shah, Founder-CRED, Amarjit Singh Batra, CEO-Spotify India, and Positive Moves Consulting. Rapido looks to expand its operations further with current funding.

Funding Details about Rapido’s Current Round

are showing immense trust in the Indian startup ecosystem. In the latest financing event, Rapido saw a whopping investment of $52 million from existing as well as new investors. existing investors including Pawan Munjal of Hero Group, Westbridge, Nexus Ventures, Everblue Management, Shell Ventures, Yamaha, Kunal Shah CRED Founder, Amarjit Singh Batra CEO Spotify India, and Positive Moves Consulting are the major investors who actively participated in the current round.

Rapido plans to utilize current funds on innovations, and technology enhancement for its online platform. The startup is looking to strengthen its team for further growth of the bike taxi aggregator.

Rapido recorded exponential growth due to the surge in hyper-local delivery and quick commerce operations. The startup provides on-demand logistics with Rapido Local and Rapido Store.

Talking about current funding and growth, Aravind Sanka, Co-Founder, Rapido, said, “We are committed to providing the country with an affordable, accessible, and safe everyday commuting option. Today, Rapido is operating in around 100 Indian 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.”

He further added, “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.”

About Rapido

Rapido started its operations in 26 cities of India. The firm has recorded 400% growth to date. The company’s operations were badly affected by the covid pandemic. Now, Rapido claims that it has recovered its operation 85%

The company’s auto service, launched in 26 cities, has also recorded a growth of 4X and overall, Rapido has witnessed a recovery of 85% as compared to pre-Covid. The company has raised total funding of $132 million to date from various investors including Westbridge AIF, Nexus Ventures, Sabre Investment, Skycatcher LLC, Bace Fund, and Integrated Growth Capital, among others.

Rapido is proud to serve over 15 million users with the help of over 1.5 million captains or driver-partners. During the fiscal year 2020, Rapido recorded a 10x growth. It helped Rapido to gain investors’ confidence. Stakeholders we’re surprised by Rapido’s growth despite a nationwide lockdown.

Rapido is known for implementing several safety measures for its customers and drivers. Sanitization, cleaning vehicles, compulsory mask usage, and back safety shield for users are some of them. The startup also introduced free cancellation if the customer or captain is without a mask.

Tags: Rapido
Previous Post

Grofers Joins Unicorn Club after CCI Approves Zomato’s $100 Million Investment

Next Post

MyGlamm Acquires BabyChakra, Expends its Operations to Baby Care Market

Abdul Kadir Khan

Abdul Kadir Khan

Abdul Kadir Khan is a Content Writer at Next Big Brand. Hails from UP. Postgraduate in Computer Science. Content Maniac and Trainer. Love to write about startups, Brands, and Trending Tech.

Related Posts

Blu smart car
Automobile

EV Cab Business BluSmart Bags $50 Million, Plans To Expand Fleet to Over 5,000 Cars

May 24, 2022
Cars24 founder
Automobile

Used Car Ecommerce Platform Cars24 Lays Off 600 Employees To Cut Cost

May 19, 2022
Avail Founder
Automobile

Ola To Acquire Financial Services Firm Avail Finance For $50 Million

March 25, 2022
Yulu founder
Automobile

Electric Two-wheeler Startup Yulu To Bag $100 Million Investment

March 7, 2022
Vida hero ev
Automobile

Hero MotoCorp Announces New Electric Mobility Brand Vida

March 4, 2022
Zoomcar CEO Nirmal NR
Automobile

Car Rental Platform Zoomcar Names Nirmal NR as India CEO

February 18, 2022
Next Post
IMG 20210817 WA0004

MyGlamm Acquires BabyChakra, Expends its Operations to Baby Care Market

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BROWSE BY TOPICS

Acquiring amazon Apple Brands brand story Byjus byjus news byjus the learning app Cryptocurrency Edtech Startups Elon Musk facebook fintech news Flipkart funding google Indian Crypto Startups Indian OTT Platforms Indian Unicorn Indian Unicorns Indian Unicorns of 2021 Netflix NFT NFT Collection NFT India Non Fungible Tokens Ola OYO Paytm Reliance Retail Startup Acquisition Startup IPO startup news india startups in india Swiggy Tiktok TikTok India Twitter Unicorns of 2022 Unicorns of India Unicorn Startups Upgrad WazirX YouTube Zomato
check more news on that pages youtube converter, filme online 2022, filme porno mature, porno amatoriale, nxnxx.org, https://xvideosxnxx.org, https://xoxporn.net

Instagram

Follow Me!

Recent News

  • Christiano Ronaldo and Binance Announce NFT Partnership
  • Khaby Lame Becomes World’s Most Popular TikToker
  • Merchant Platform Pine Labs Acquires Fintech Infra Startup Setu for $70-75 Million

Latest News

images 9 17

Christiano Ronaldo and Binance Announce NFT Partnership

June 24, 2022
Khaby Lame Tiktoker

Khaby Lame Becomes World’s Most Popular TikToker

June 24, 2022
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail

© 2019 NBB. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.