By Manish Singh
Rapido, a bike taxi aggregator in India, said on Monday it has raised $52 million in a new financing round as the six-year-old startup looks to find space in a category dominated by Ola and Uber in the South Asian market.
The six-year-old startup’s new funding — Series C — was financed by Shell Ventures, Yamaha, Kunal Shah of CRED, Amarjit Singh Batra of Spotify India, and Positive Moves Consulting. Existing investors Pawan Munjal of Hero Group, Westbridge, Nexus Venture Partners and Everblue Management also participated in the round, which brings its to-date raise to over $130 million.
Rapido offers its two-wheeler service in about 100 Indian cities. The startup says it has amassed over 15 million customers and 1.5 million driver-partners who it calls captains. In recent years, the startup has also expanded in three-wheeler space, which it says recorded a growth of 4X since last year in 26 cities where it is operational, and hyperlocal delivery.
In a statement, the startup said its platform, which was hit by the coronavirus pandemic that prompted India to enforce lockdown in several states, has already seen an 85% recovery. The startup attributed growth in part to the growing e-commerce and hyperlocal delivery opportunities …read more
Source: Tech Crunch