TVS Motor, Swiggy invest in bike-taxi company Rapido

CHENNAI: Bike-taxi platform Rapido has raised $180 million in a series-D round led by new investor Swiggy, along with the participation of TVS Motor, and existing investors Westbridge, Shell Ventures, and Nexus Ventures. The startup is said to be valued at around $800 million. Rapido had raised around $130 million prior to this round. Rapido plans to deploy the funds to strengthen its technology, teams across diverse areas, and increase overall supply to cover more metros, tier-1, -2, and -3 cities. “Rapido will be investing these funds in all its three categories — bike-taxi, auto and delivery — to enhance its captain earnings and improve customer experience in the over 100 cities it operates in,” the company said. Swiggy’s participation in this round will also build on the synergies between the two companies and Rapido said it will provide additional earnings for both Swiggy’s delivery executives and Rapido’s captains. “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. TVS Motor, who are very passionate about EVs and the future of mobility, will help us in further expansion,” Aravind Sanka, co-founder, Rapido, said. Rapido is has over 25 million customers and over 1. 5 million ‘captains’ (driverpartners). The app allows you to book bike-taxis and autos. FOLLOW US ON SOCIAL MEDIAFacebookTwitterInstagram