Rapido, a startup that provides bike taxi services across Tier 1 to Tier 3 cities in India, announced it has raised $52 million from new investors including Shell Ventures, Yamaha India, Cred founder Kunal Shah and Amarjit Singh Batra, chief executive officer of Spotify India and Positive Moves Consulting.
Existing investors Pawan Munjal of Hero Group, Westbridge, Nexus Venture Partners and Everblue Management also participated in the round.
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 said in a statement.
The company said it has recorded a strong recovery of 85% as compared to pre-Covid months. The company previously raised a total funding of $80 million from various investors including Westbridge AIF, Nexus Ventures, Sabre Investment, Skycatcher LLC, Bace Fund, Integrated Growth Capital, among others.
With its latest round of funding, Rapido will be making strategic investments in technology, people, and supply.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.