India’s largest bike taxi platform, Rapido, right this moment introduced that it has raised USD 180 million in its newest sequence D spherical of funding. The newest spherical of fundraising was led by the brand new investor Swiggy and it additionally noticed funding from TVS Motor Company, together with its present buyers, Westbridge, Shell Ventures, and Nexus Ventures. The capital is claimed to be utilized to construct the workforce, strengthen tech capabilities, and improve the buyer & captain expertise.
Rapido says that the funds could be leveraged to bolster its know-how, amplify its groups throughout various units of capabilities, improve total provide to create an enhanced client expertise throughout a bigger viewers base in metros, tier 1, 2, and three cities, and guarantee seamless last-mile connectivity. The firm might be investing these funds in all its three classes, viz. bike-taxi, auto, and supply, to boost its captain earnings and enhance buyer expertise in 100+ cities the corporate operates in.
Announcing the fund-raising, Aravind Sanka, Co-Founder, Rapido, “We, at Rapido, are grateful to our existing and new investors for giving impetus to our vision. We look forward to learning from Swiggy’s experience to scale up throughout the country and enhance our captains’ / customers’ experience, who are the backbone of our business. Besides, TVS Motor, who are very passionate about EVs and the future of mobility, will help us in further expansion.”
“We hold a lot of respect for the resilience Rapido has displayed in transforming the mobility and logistics space in India,” mentioned Sriharsha Majety, Co-founder and CEO of Swiggy. He added, “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.”
Speaking on the event, Sudarshan Venu, Joint Managing Director, TVS Motor Company, mentioned, “India’s growth and particularly that of the digital economy is driving urban transformation and we are very excited about it. TVS Motor has always been at the forefront of driving the mobility transformation and today, we are glad to partner with Rapido, an emerging leader in the ride-sharing segment across India led by its dynamic founders Aravind, Pavan and Rishikesh, I am sure this partnership will help us drive common initiatives and grow together.”
Source: www.financialexpress.com”