Bike Taxi Startup Rapido Raises $43 Mn In Series C Funding
Rapido, a Bengaluru-headquartered bike taxi startup, has raised Rs 321 Cr or $43.4 Mn in a Series C funding round led by existing investor Westbridge Capital.
First reported by Inc 42, the funding round also saw participation from firms including Nexus Ventures, Everblue Bangladesh LLC, Motherson Lease Solutions, MMPL Trust, QED Innovation Labs LLP and Konark Trust.
OLX CEO Amarjit Singh Batra and Pawan Munjal Family Trust also participated in the round.
Started by Rishikesh SR, Pavan Guntupalli and Aravind Sanka in 2015, Rapido is a bike rental startup with more than 15 Mn customers and 25 Mn app downloads to date.
Rapido claims to have a presence in more than 100 Indian cities with its bike taxi service. The startup offers bike taxi, auto services and peer-to-peer delivery service for essentials like food and medicines through Rapido Local.
Before this funding round, Rapido had raised Rs 390.11 Cr ($54.9 Mn) in its Series B funding.
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