Rapido, a bike-taxi platform, has secured USD 180 million in a series-D round led by new investor Swiggy, with TVS Motor and existing investors Westbridge, Shell Ventures, and Nexus Ventures also participating. According to reports, the startup is valued at over USD 800 million. Before this round, Rapido had raised about USD 130 million.
Rapido plans to utilize the capital to improve its technology and teams in a variety of areas, as well as expand its total supply to cover more metros, tier-1, -2, and -3 cities.
“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.
Swiggy’s participation in this round will bolster the two firms’ synergies, according to Rapido, and will result in increased earnings for both Swiggy’s delivery executives and Rapido’s captains.
“We look forward to learning from Swiggy’s experience to scale up throughout the country and enhance our captains’ / customers’ experience, who are the backbone of our business. In addition, TVS Motor, who are very passionate about EVs and the future of mobility, will help us in further expansion,” Aravind Sanka, co-founder of Rapido, said.
Rapido has a customer base of over 25 million people and over 1.5 million’ captains’ (driverpartners). In addition, you can hire bike taxis and autos through the app.
