Rapido, a bike-taxi aggregator, announced it has raised about $180 million in Series D funding round from Swiggy. WestBridge, TVS Motor, Nexus Ventures and Shell Ventures also participated in the funding round.
The startup will utilise the funds to bolster its technology 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 seamless last-mile connectivity.
Rapido will invest the funds in its three services including bike-taxi, auto and delivery, to enhance its captain earnings and improve customer experience in 100+ cities the company operates in, the statement said.
Aravind Sanka, Co-Founder, Rapido, said: “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.”
Sriharsha Majety, Co-founder and CEO of Swiggy, said: “We hold a lot of respect for the resilience Rapido has displayed in transforming the mobility and logistics space in India. 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.”
Founded by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka in 2015, the company said it has grown more than 2.5x to pre-pandemic levels.
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