Rapido raises $180 million
Rapido, the bike taxi platform, has raised $180 million (over Rs 1,370 crore) in a Series D round of funding led by new investor Swiggy.
The round also saw investment from TVS Motor Company, along with existing investors, which included Westbridge, Shell Ventures and Nexus Ventures.
The company said in a statement that the funds would be used to bolster technology, amplify and strengthen teams across diverse sets of capabilities, and increase overall supply to create an enhanced consumer experience across a larger audience base in the metros and the smaller cities of the country.
Rapido added that it will be investing these funds in all its three categories — bike-taxi, auto and delivery — to enhance its driver partners’ earnings and improve customer experience in over 100 cities that it operates in.
“Swiggy’s participation in this round will build on the synergies between the two companies,” the company observed.
Commenting on the fund raiser, 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) or customers’ experience, who are the backbone of our business’’.
He added that TVS Motor will help the company 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,’’ he added.
In the past, Rapido had raised $130 million from various investors.
It is currently present in around 100 cities in India with over 25 million customers and over 1.5 million driver-partners.