Bike taxi app Rapido has raised $10 million in a fresh funding round led by Hong Kong-based Integrated Capital. Existing investors including Skycatchr, AdvantEdge and Astrac Ventures also participated.
The new investment will be used to strengthen the company’s position in the market and expand across all major cities in India. Rapido currently has operations in 16 cities and is looking to be in 25 cities by the end of the year.
Founded in 2015 by Rishikesh SR, Pavan Guntupalli and Aravind Sanka, Rapido claims that the majority of its users use the app as a daily commute option. The company boasts 5,000 daily drivers and 10,000 monthly drivers or “captains”.
Aravind Sanka, co-founder of Rapido, said:
“We will use these funds to further strengthen our leadership position in the space and expand across all major cities in India, aiming to reach 25 cities by the end of this year. Currently Rapido does 2.5 million orders a month and plans to grow to 20 million orders by the end of this year.”
Jeffrey Yam, Rapido’s investor from Integrated Capital, added:
“India’s ride-sharing is beyond four-wheelers and we see two-wheeler ride-sharing is unlocking new customer base in India by bringing convenience at an affordable price. The ability to understand and create a product for the next billion coupled with strong tech-led operations has set Rapido apart in this market.”
Available on Android and iOS, the Rapido app can be accessed in multiple languages like Kannada, Telugu, Tamil, Hindi and English.