Rapido, a bike taxi provider has reportedly received finance of up to $52 million in a fresh fundraising round. With the raised money company aims to expand its service to 50 million customers in the coming months across the South Asian market. Shell Ventures, Yamaha, CRED, managing director of Spotify India, and Positive Moves Consulting were presented and funded in the financing round.
The Company also cares for the safety of its employees as well as its customers while offering rides, a year ago several initiatives were introduced by Rapido to keep safety of its customers and drivers while riding a bike .
Despite the fact that our idea and business strategy are attractive and have the ability to generate significant profit, this financing reflects partners’ trust in us instead of a necessity for funds, according to Aravind Sanka, co-founder of Rapido. Presently, over 100 Indian cities are getting leverage of Rapido service.
The startup claimed of recruiting around 1.5 million driver-partners in the past few years. Besides this, Rapido also begins offering three-wheeler services in around 26 cities. The startup recently claimed of hitting 85% growth in the business since the lockdown lifted in India.
Furthermore, in the coming years, the company also plans to expand its technology and recruit more staff to operate the company operations smoothly. In urban cities, Rapido gaining huge popularity over the past few years. The reason behind this increasing popularity is believed to be the rising use of e-commerce platforms to order groceries, medicines, and vegetables amongst people. In these cities people are more attracted towards two or three-wheelers because such kinds of vehicles can easily go through the traffic and cost less than taking a cab to reach the destination.