rapido

Bike taxi operator Rapido has received funding from a set of investors, including Hero MotoCorp Chairman Pawan Munjal and Google India head Rajan Anandan. The company has raised pre-series A round of funding led by Munjal, AdvantEdge Partners, Astarc Ventures and Tesellate Ventures, among others.

Other investors who participated in the round include Anupam Mittal, founder and CEO of People group; Smile Group Partners; Ankit Nagori, ex CBO, Flipkart, and Kunal Khattar, serial entrepreneur and co-founder of Carnation Auto. The funding amount is still undisclosed by the company.

The funds will be deployed for Rapido's expansion into other cities and building up the team. The company has a fleet of over 400 bikes across Bangalore, Gurgaon and Delhi. The number is set to touch 1,000 over the next two months.

Founded in November 2015 by Aravind Sanka, Pavan G and Rishikesh Sr, Rapido is a nextgen platform which provides Bike Taxi Services in India. One can book a bike ride through a mobile app for travelling solo. Its app is available for Android platform and has over 50,000 app downloads and delivered more than 1,25,000 rides.

The startup claims that its 85% of rides are from repeat customers and 10% of the customers are women as well as it also helps customers save 40% cost and 50% time compared to alternative options.

Commenting on the funding, Aravind Sanka, Co-founder at Rapido said, “The funds will be deployed for Rapido’s expansion into other cities and building up the team. A majority of our customers use us as a daily commute option since we have built the product with deep understanding of their needs. We have unique features such as quick booking, favorite routes and multiple modes of booking including missed call booking service.”

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