[Funding alert] Bike taxi startup Rapido raises $177.5 mn led by Swiggy

Bengaluru-based Bike taxi platform Rapido has raised around $175 million in a new funding round from Swiggy, India’s top food delivery startup.

Existing investors including WestBridge, Nexus Ventures, Shell Ventures and new investor TVS Motor also infused capital in this round.

Rapido has issued 271,923 Series D CCPS to raise approximately $175 million. Swiggy alone has invested $124 million in this round. Westbridge invested $29.8 million, TVS Motors $14.9 million and Shell Ventures $7.9 million.

The company plans to use the new capital to further expand its bike taxi service offering to include auto-rickshaws in multiple cities.

Rapido was founded in 2015 by Aravind Sanka, Rishikesh SR and Pavan Guntupalli, it offers bike taxis, auto services and peer-to-peer delivery for essentials like food and medicines through Rapido Local.

It was one of the startups that were hit hard by the pandemic, as the prolonged lockdown prevented them from exiting. This has resulted in the delivery of essential products like grocery and dairy products.

The startup claims to have a presence in over 100 Indian cities with over 15 million customers. Its platform app has been downloaded more than 25 million times so far.

Rapido partnered with e-mobility startup Zypp to add electric scooters to its fleet in March 2022. Last year in August, Rapido had raised $52 million in a funding round from Shell Ventures, Yamaha, Kunal Shah (Founder, CRED), Amarjit Singh Batra (CEO, Spotify India) and others.

About Rapido :

Rapido has come a long way ever since its inception in 2015. With a lot of hardwork and perseverance they have made a place in the market.

They’re India’s largest Bike Taxi App service and making quick strides in app-based auto-rickshaws and delivery, among others. They’re on a mission to revolutionize the way people commute. And while They’re at it, They aim at creating a workplace that is fun, inclusive and perfectly fits all!