16.August.2021 – Bengaluru-based Rapido, a Bike Taxi platform, announced that it raised USD 52 Million in a Series C funding round. This funding round was led by Positive Moves Consulting, Shell Ventures and some of the angel investors like Amarjit Singh Batra (CEO, Spotify India), Kunal Shah (Founder, CRED).
Existing Investors of the startup also participated in this round, the list includes Nexus Venture, Westbridge, Everblue Management and Pawan Munjal (Hero Group).
The startup stated that it will utilize the raised capital to invest in workforce, technology and supply to further expand its growth in the country. It aims to make transportation affordable for the masses.
Rapido was initiated by Aravind Sanka, Rishikesh SR, and Pavan Guntupallii in 2015, having its headquarters in Bengaluru. Till now the startup has been funded by 37 investors. Till now the startup has acquired 2 startups, the most recent one is Vahananalytics in 2019.
“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,” Rapido Co-founder Aravind Sanka said in a statement.
He 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.”
Currently, Rapido is providing services in more than 100 cities across India. The startup has seen a stronghold on the operation over the last few quarters. It is also confident that it will be doubling the business by the end of March 2022.
Arvind Sanka said that Rapido Rental has been launched in six cities like Delhi-NCR, Bengaluru, Chennai, Kolkata, Jaipur, and Hyderabad. It plans to expand in Tier-I and Tier-II cities as well. The services provided by the startup will be available in different packages depending on the duration booked by the customer.
“The rental concept was conceived as a result of customer usage data analysis. The startup launched an MVP (Minimal Viable Product) to validate the data, and once the validation was received, Rapido Rental was launched in the initial Tier-I cities,” he added.
The startup announced some initiatives for maintaining safety and following the guidelines to keep the customer and the captain safe. The safety precautions include back shields for bike taxi rides and many more.
The company also introduced new policy support last year, where it provides free cancellation if captains or customers are without a mask.
For more extensive analysis and Market Intelligence reports, feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.
We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
[…] Next Article […]