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.”
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.