Bengaluru-based bike taxi startup Rapido has acquired Hyderabad-headquartered motorcycle-sharing startup Getbike to enter the B2B segment, reported VCCircle. The financial details of the acquisition was not revealed.
Founded in 2015 by Shravya Reddy, Getbike offers services to a number of clients from industries such as pharmaceuticals, food and e-commerce. It has tied up with hospital chain Apollo Healthcare, online marketing platform Limetray and L&T Metro Rail (Hyderabad) Ltd, among others.
The acquisition will help Rapido enter Hyderabad by leveraging on infrastructure and market presence of Getbike, which has over 50 bikes and 108 riders including female riders.
As part of the acquisition deal, Getbike gounder Shravya will move to Rapido and head B2B operations at its head office on Bangalore. Shravya had previously worked with Reliance Communications and and Apalya Technologies.
Getbike began as a bike taxi operator, with brand name ‘Getmi’, for both individual commuters and corporate clients in 2015. However, it later re-branded to ‘GetBike’ and shifted its focus to the B2B sector. The startup had previously raised $100,000 in angel funding from a group of investors including Vamshi Reddy B, an angel investor and co-founder of Apalya Technologies, and investor Venu Veeramaneni.
Speaking about Rapido, the startup was founded in November 2015 by Aravind Sanka, Pavan G and Rishikesh Sr. It last raised funding of $21.4 million from Skycatcher, Thompson Taraz, in November 2017. Prior to that, it had received undisclosed amount of funding in pre-series A from a set of investors, including Hero MotoCorp Chairman Pawan Munjal and Google India head Rajan Anandan.\
To recall, Indonesian bike taxi startup Go-Jek, which offers hyperlocal transport, logistics and payment services, is also planning to launch its bike-taxi service in India in the second half of 2018.
In last couple of years, various bike taxi startups launched their services across states but many eventually shut down due to lack of funding, operational challenges and regulatory hurdles. Cab-hailing firms Ola and Uber also offer bike services in some cities.
Ola and Uber also launched its bike-taxi service and is present in over 11 cities, including Mohali, Ludhiana, Amritsar and Hyderabad.
Top Image – Shravya Reddy | Via – Vanitha TV @YouTube