Bike-taxi platform Rapido on Monday announced it had secured $52 mn in its latest round of funding to make strategic investments in cutting-edge innovations, technology, people, and supply.
The company said its auto service launched in 26 cities had recorded a growth of 4 times and, overall, it has witnessed a strong recovery of 85 percent as compared to pre-Covid.
Today, Rapido is the largest bike taxi player in the country operating in around 100 cities. From 15 million users in the last two years, we now plan to increase that number to 50 million in the next 18 months and continue providing affordable transportation for the masses, – Aravind Sanka, Co-Founder, Rapido.
The new funding round saw participation from new investors, including Shell Ventures; Yamaha; Kunal Shah, Founder, CRED; Amarjit Singh Batra, CEO, Spotify India; and Positive Moves Consulting.
The round also saw PawanMunjal, Hero Group, Westbridge, Nexus Venture, and Everblue Management as existing investors.
The company previously raised a total funding of $80 million from various investors., including Westbridge AIF, Nexus Ventures, Sabre Investment, Skycatcher LLC, Bace Fund, and Integrated Growth Capital, among others.
The company has grown 10 times in FY 2020.