Bike-taxi platform Rapido stated Friday it has raised $180 million in a funding spherical led by meals and grocery supply firm Swiggy, together with funding from TVS Motor Company, Westbridge, Shell Ventures, and Nexus Ventures. Post this Series D funding spherical, Rapido is valued at about $800 million.
Swiggy main Rapido’s newest fundraise assumes significance within the former’s plans to increase right into a logistics-led mannequin. “Swiggy and Rapido share a vision to build a logistics platform that empowers riders through more opportunities and higher earnings. While we’ve already been working together, this investment facilitates closer alignment to leverage the synergies between the platforms and improve the value we provide to both consumers and delivery executives/captains across the country,” Swiggy co-founder and CEO Sriharsha Majety stated in a press release.
According to regulatory filings, Swiggy invested round $124 million within the present spherical. In the previous, Rapido has raised $130 million from varied buyers.
Rapido is at present current in round 100 cities throughout the nation with over 1.5 million driver-partners. The firm stated that the funds from this funding spherical shall be used to bolster its expertise, strengthen its groups throughout capabilities, enhance total provide throughout a bigger viewers base in metros, tier 1, 2, and three cities, and guarantee a seamless last-mile connectivity. “This will fortify Rapido’s presence to provide a convenient, safe, accessible, and affordable alternative mode of daily commuting,” the corporate stated.
Commenting on the fundraise, Rapido co-founder Aravind Sanka stated: “We look forward to learning from Swiggy’s experience to scale up throughout the country and enhance our captains’ (driver-partners)/customers’ experience, who are the backbone of our business.”
He added, “TVS Motor, who are very passionate about EVs and the future of mobility, will help us in further expansion. We hope to accelerate our pace of becoming a household name as we increase our geographies and services, on the backbone of our robust, global-standard technology.”
