Rapido, which is a Bangalore based bike Taxi startup, has now secured INR 139 crore in the funding round of Series B led by the Nexus along with the WestBridge Capital.
According to the report which has been revealed, WestBridge Capital will be investing around INR 222 crore, and Nexus will be investing around INR 56 crore among others.
The existing investors of the platform also participated in the round, which include the BacE Capital, Sabre Partners, Rashmi Kwatra, Integrated Capital Growth Limited, Shunwei Capital.
Rapido was founded in 2015 by the Pavan, Aravind Sanka and Rishikesh SR. the company has currently 10000 active drivers which include the women.
Anyone with a two-wheeler license, a bike, bike insurance, and a vehicle registration certificate can register themselves as a Rapido Captain.
We are on a mission to make daily commute affordable and economical by using the 200 million motorcycles that are already on the ground.Aravind Sanka, cofounder of Rapido
“Our unique combination of delivery and ride-hailing helps us attain profitability and have seen success in a few cities.”
The company even claims that as of January 2019, it does around 2.5 million orders a month and plans to grow about 20 million orders by the end of this year.
Some of the significant players who compete with the Rapido are Ubermoto, Vogo, Ola, Gojesk and many others.