Bengaluru based bike-taxi startup Rapido has raised $180 million in its series D fund raise. This fund raise saw the entry of new investors Swiggy and TVS Motors along with existing investors like Westbridge, Shell Ventures and Nexus Ventures.
Founded in 2015 by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, Rapido has its presence in more than 100 Indian cities with more than 15 million customers and 25 million app downloads till date. The startup offers bike taxi, auto services and peer-to-peer delivery service for essentials, such as food and medicines, through Rapido Local.
Swiggy was the lead investor in the round as it invested around $125 million. Following this investment, Swiggy is said to hold around 15% in the company. The investment could build greater synergy between the two companies and lead to greater earnings for both of them.
“Rapido will be investing these funds in all its three categories — bike-taxi, auto and delivery — to enhance its captain earnings and improve customer experience in the over 100 cities it operates in,” the company said.
Rapido is a new-age tech startup which has earned Rs 75.6 crores in FY21 and managed to bring down it’s losses to Rs 166.3 crores in the same financial year.
Highlight by Aman Agarwal.