Mumbai, Rapido, India’s largest bike taxi platform, today announced raising USD 180 Million in its latest Series D round. Led by new investorSwiggy, the round also saw investment from TVS Motor Company, along with existing investors,Westbridge, Shell Ventures, and Nexus Ventures, partaking in the fundraise.
- The capital would be utilized to build the team, strengthen tech capabilities, and enhance the consumer/captain experience.
- Swiggy’s investment will leverage the synergies between the two companies to unlock more opportunities for delivery executives and captains across both fleets
The funds would be leveraged to bolster Rapido’s technology, amplify and strengthen its teams across diverse sets of capabilities, increase overall supply to create an enhanced consumer experience across a larger audience base in metros, tier 1, 2, and 3 cities, and ensure a seamless last-mile connectivity.
This will fortify Rapido’s presence to provide a convenient, safe, accessible, and affordable alternative mode of daily commuting. Rapido will be investing these funds in all its three categories, viz. bike-taxi, auto and delivery, to enhance its captain earnings and improve customer experience in 100+ cities the company operates in.
Swiggy’s participation in this round will build on the synergies between the two companies. With a common mission to deliver superior customer experience through higher fleet availability, it will also provide additional earnings for both Swiggy’s delivery executives and Rapido’s captains.
Announcing the fund-raising, AravindSanka, Co-Founder, Rapido, “We, at Rapido, are grateful to our existing and new investors for giving impetus to our vision. 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. Besides, TVS Motor, who are very passionate about EVs and the future of mobility, will help us 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.”
“We hold a lot of respect for the resilience Rapido has displayed in transforming the mobility and logistics space in India,” said SriharshaMajety, Co-founder and CEO of Swiggy. “ Swiggy and Rapido share a vision to build a logistics platform that empowers riders through more opportunities and higher earnings.
While we’ve already been working together, this investment facilitates closer alignment to leverage the synergies between the platforms and improve the value we provide to both consumers and delivery executives/captains across the country,” headded.
Speaking at the occasion, Mr. SudarshanVenu, Joint Managing Director, TVS Motor Company, said, “India’s growth and particularly that of the digital economy is driving urban transformation and we are very excited about it. By partnering with like-minded companies we believe there is an opportunity to play a greater role in this.
TVS Motor has always been at the forefront of driving the mobility transformation and today, we are glad to partner with Rapido, an emerging leader in the ride sharing segment across India led by its dynamic founders Aravind, Pavan and Rishikesh, I am sure this partnership will help us drive common initiatives and grow together .”
The blitzscaling brand has been constantly recording accumulative growth and has raised $ 130 mn in the past from various investors due to its efficient service delivery. Rapido is currently present in around 100 cities across the country with over 25 million customers and over 1.5 million Captains (driver-partners). At present, the company has grown more than 2.5x to pre-pandemic levels by maintaining market leadership in its core category.
This article was shared with Prittle Prattle News as a Press Release.
Image Courtesy Rapido
