Rapido raises USD 180 mn in funding round led by Swiggy
Bike taxi platform Rapido on Friday said it has raised USD 180 million (over Rs 1,370 crore) in a Series D round of funding led by new investor Swiggy.
The round also saw investment from TVS Motor Company, along with existing investors Westbridge, Shell Ventures and Nexus Ventures, the company said in a statement.
The funds would be used to bolster technology, amplify and strengthen teams across diverse sets of capabilities, and increase overall supply to create an enhanced consumer experience across a larger audience base in metros, tier I, II and III cities, it added.
Rapido said it will be investing these funds in all its three categories — bike-taxi, auto and delivery — to enhance its drive partners’ earnings and improve customer experience in over 100 cities that it operates in.
“Swiggy’s participation in this round will build on the synergies between the two companies,” the company said.
Commenting on the fundraise, Rapido co-founder Aravind Sanka said,”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.”
Besides, he said,”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.”
On the company’s investment in Rapido, Swiggy co-founder and CEO Sriharsha Majety said, “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,” Majety added.
In the past, Rapido had raised USD 130 million from various investors. It is currently present in around 100 cities across the country with over 25 million customers and over 1.5 million driver-partners.
