The bike taxi platform, Rapido has bagged $52 million in its latest round of funding. New investors like Shell Ventures, Yamaha, Kunal Shah, founder of CRED, Amarjit Singh Batra, CEO, Spotify India and Positive Moves Consulting participated in the funding round.
The round also witnessed continued support from existing investors – Pawan Munjal, Hero Group; Westbridge; Nexus Venture; and Everblue Management.
With the fresh funding, Rapido will be making strategic investments in innovations, technology, people, and supply. The funding will help the company to boost its growth in the country and make affordable transportation a reality for the masses.
Rapido cofounder Aravind Sanka said the company is committed to providing the country with an affordable, accessible and safe everyday commuting option.
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 4X and overall, Rapido has witnessed a strong recovery of 85% as compared to pre-Covid.
“Even though our product and business model are lucrative and have the potential to churn out an exceptional revenue, Aravind Sanka said this fundraising indicates more of the investors’ confidence in the company 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.
Earlier, the company raised $80 million in total from various investors including Westbridge AIF, Nexus Ventures, Sabre Investment, Skycatcher LLC, Bace Fund, Integrated Growth Capital, among others.
