Indian bike and auto taxi startup Rapido raised USD 180 million in Series D funding on April 15, 2022. Indian foodtech unicorn Swiggy led the funding for Rapido. New investor TVS motors also invested in the round.
Meanwhile, the Series D round also saw participation from existing backers Westbridge Capital, Shell Ventures and Nexus Ventures Partners.
The round took Rapido’s valuation to USD 830 million.
Purpose of Funding
With the latest investment, Rapido will strengthen its technological capabilities. The bike and auto-taxi startup will also look to boost its teams across diverse sets of abilities. Meanwhile, the company will increase overall supply to create an enhanced consumer experience across a more extensive audience base in metros, tier I, II and III cities.
The new proceeds will be deployed in all three Rapido categories, i.e. bike-taxi, auto and delivery. This enhances Rapido’s drive partners’ earnings and improves the customer experience in more than 100 cities where it operates.
On the other hand, the investment will give Swiggy better access to the bike taxi fleet of Rapido. As a part of the deal, Swiggy can enhance its last-mile delivery capabilities and bolster its quick commerce ambitions under Instamart.
What the founder has to say
Rapido co-founder Aravind Sanka said, “We look forward to learning from Swiggy’s experience to scale up throughout the country and enhance our captains’ (driver-partners) / customers’ experience, who are the backbone of our business.”
He added, “Besides, TVS Motor, who are very passionate about EVs and the future of mobility, will help us in further expansion. We hope to accelerate our pace of becoming a household name as we increase our geographies and services, on the backbone of our robust, global-standard technology.”
What the investor has to say
Swiggy co-founder and CEO Sriharsha Majety said, “Swiggy and Rapido share a vision to build a logistics platform that empowers riders through more opportunities and higher earnings. While we’ve already been working together, this investment facilitates closer alignment to leverage the synergies between the platforms. It improves the value we provide to consumers and delivery executives/captains across the country.”
TVS Motor Joint Managing Director Sudarshan Venu said, “By partnering with like-minded companies, we believe there is an opportunity to play a greater role. TVS Motor has always been at the forefront of driving the mobility transformation, and today, we are glad to partner with Rapido.”
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