Rapido, the Bangalore based Bike taxi platform, has raised $52 million in the latest round of funding. The funding round saw the participation of new start-up investors — Shell Ventures; Yamaha; Kunal Shah (Founder, CRED); Amarjit Singh Batra (CEO, Spotify India); and Positive Moves Consulting.
Few existing investors to participate in the round were — Pawan Munjal of Hero Group, Westbridge, Nexus Venture Partners, and Everblue Management.
The raised funds will be utilised to invest in technology, people, and supply to further boost the growth of the company in India and make affordable transportation a reality for the masses.
Founded in 2015 by Rishikesh SR, Pavan Guntupalli and Aravind Sanka, Rapido currently is operational across 100 cities in India. From the past few months, the platform has experienced a significant recovery in its operations and it is of the hope that its business will rise 2X times by the end of March 2022.
The company has also launched Rapido rental services in six major cities — Bengaluru, Delhi-NCR, Hyderabad, Chennai, Kolkata, and Jaipur. Also, it aims to expand to Tier-II and III cities in the coming future. The rental services are said to be available in multiple packages, depending on the time duration and also any rider can book rides ranging from 1-6 hours.
During the previous year, the two-wheeler platform came up with a commendable initiative towards maintaining safety and following guidelines to protect the customer and the Captain, including the innovative safety back shields for bike taxi rides.
Aravind Sanka, Co-founder of Rapido, said, “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 noted, “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.”