Bike taxi app Rapido has raised $10 Mn in a Series A funding round led by Hong Kong-based multi-strategy private investment firm Integrated Capital.
Bengaluru, 25 Jan, 2019. RedNewswire/-
Existing investors Skycatchr, AdvantEdge and Astrac Ventures also participated in this round of funding.
Rapido , operated by Roppen Transportation Services Private Limited is a Bike Taxi platform evolving the public transportation in India. It was founded by Rishikesh SR, Pavan Guntupalli and Aravind Sanka in October 2015. It is basically a platform where you can book a bike ride through a mobile app while traveling solo.
Rapido allows users to book bike rides in multiple languages such as Kannada, Telugu, Tamil, Hindi and English. It is currently operational in Bengaluru and Delhi.
The company plans to use the money to expand its operations to all major cities in the country, said co-founder Aravind Sanka.
Rapido does 2.5 Mn orders a month and plans to grow to 20 Mn orders by the end of this year, also aims to reach 25 cities by the end of this year.
Rapido currently has 10,000 active drivers including women. Anyone with a two-wheeler license, a bike, a vehicle registration certificate, and bike insurance can register themselves as a Rapido driver.
This is Integrated Capital’s second investment in India within four months; it had last year invested in tea cafe chain Chaayos.
Jeffrey Yam, Principal Investments at Integrated Capital said, ”India’s ride-sharing is beyond four-wheelers and we see two-wheeler ride-sharing is unlocking new customer base in India by bringing convenience at an affordable price. Ability to understand and create the product for next billion coupled with strong tech led operations has set Rapido apart in this market”.
In 2017, Rapido had raised $750K from investors including Hero MotoCorp chairman Pawan Munjal, Google India managing director Rajan Anandan and Astarc Venture.