News: Bike taxi startup Rapido raises $180 million in Swiggy-led Series D funding round

Funding & Investment

Bike taxi startup Rapido raises $180 million in Swiggy-led Series D funding round

The funding will be used to broaden the startup’s fleet network across India to manage the growing database of close to 50 million customers.
Bike taxi startup Rapido raises $180 million in Swiggy-led Series D funding round

Bengaluru based startup Rapido has announced that they have secured a $180 million funding in a Series D financing round led by food delivery giant Swiggy. The round also included participation from TVS Motor company along with existing investors which included Westbridge, Shell Ventures and Nexus ventures.

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,” Sriharsha Majety, Co-Founder and Chief Executive of Swiggy.

The new funding values the bike taxi startup at over $800 million, joining the company of many illustrious upcoming startups. 

The company counts Kunal Shah of CRED & Amarjit Singh Batra of Spotify India among its backers and has raised $310 million to date and continues to thrive in an economy where many giants have struggled to make deeper inroads in India due to either a failed economic model or lack of fresh ideas. 

Aravind Sanka, co-founder of Rapido, said, “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.”

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Topics: Funding & Investment, #Hiring

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