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
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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.
