Rapido, turning into an Indian bike-taxi aggregator and auto-rickshaw, has attained unicorn status on the back of a fresh funding round. The firm has been able to raise $120 million in new capital to reach this valuation from WestBridge Capital, which took its valuation past the magic figure of $1 billion. The development highlights the swift pace at which the company has been clocking growth and its extensive presence in the Indian transport market.
PC: Inc42
Founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, Rapido has expanded its presence all over India and continually brings value-for-money and efficient last-mile connectivity solutions. The company has operations in over 100 cities and offers bike-taxi and auto-rickshaw services, making the daily commutes of millions of Indians easier. The Rapido technology platform will easily match its customers to the closest captain, guaranteeing fast and convenient rides.
The latest funding round was led by WestBridge Capital, while existing investors such as Nexus Ventures, Shell Ventures, and Yamaha also participated. This infusion of capital would be utilized for some of the strategic initiatives in expanding service offerings, enhancing technological infrastructure, and deepening market penetration across geographies.
Key areas of focus for Rapido would be the expansion in its auto-rickshaw service, which has seen huge demand in the last couple of years. In terms of the number of auto rickshaws, the firm will make sure there is wider coverage of the choice available for transportation means by the users. Additionally, Rapido plans to invest much more in advanced technology solutions, intended to improve overall user experience in terms of real-time tracking features, advanced safety, and seamless payment modes.
The journey of Rapido to unicorn status has been rather dramatic so far, buffeted by momentous achievements. It weathered the COVID-19 storm quite skillfully by modifying its services consistent with shifts in consumer behavior. It was during the pandemic that Rapido put in place safety measures to safeguard the lives of riders and drivers alike, thereby winning their trust.
Moreover, Rapido has not shied away from a slew of strategic tie-ups to drive growth. Company’s tie-ups with firms such as Zomato and Swiggy have helped the company expand its services beyond traditional bike-taxi services. Such partnerships have thus enabled the company to easily integrate its services with some of the popular food delivery platforms, thus offering end-to-end mobility solutions to the users.
As Rapido continues to scale its operations, it stays focused on the main mission: to provide affordable and efficient transportation solutions. This fresh infusion of capital by WestBridge Capital and other investors shall be very crucial in further supporting the growth ambitions of Rapido in order to cement its position in the Indian transportation market.
In a nutshell, Rapido’s unicorn status is an outstanding feat on its growth chart. The $120 million funding round led by WestBridge Capital clearly puts this firm in its strong position within the market and its ability to scale further in times to come. Focused on service- and technological-enhancement drives, Rapido has set the stage for further scaling in the Indian transport market.
