Indian bike taxi platform Rapido just announced that it has raised $52 million in a funding round. The investment came from Shell Ventures, Positive Moves Consulting, CRED’s Founder Kunal Shah, Yamaha and CEO of Spotify India Amarjit Singh Batra. Also, existing investors, including Hero Group’s Pawan Munjal, Nexus Ventures, Westbridge, and Everblue Management.
Rapido will use the proceeds of this round to make strategic investments in technology, innovation, people, and supply so that it can expand its growth in India. Currently, Bangalore-based Rapido operates in nearly 100 cities across the country and has over 15 million customers and over 1.5 million driver-partners aka captains.
Previously, Rapido raised $80M funding from a slew of investors such Westbridge AIF, Sabre Investment, Nexus Ventures, Skycatcher LLC, Integrated Growth Capital, Bace Fund, and others.
Rapido’s foray into on-demand logistics has improved recently due to the quick scaling of quick commerce and hyperlocal delivery. Eventually, it has come up with services such as Rapido Store and Rapido Local. It launched the auto service in 26 cities across the country and witnessed 4X growth and a recovery of 85 percent post-Covid.
