Big Money Ride: Rapido Bags Funding From Swiggy and TVS

Photo by Nils Lindner on Unsplash

Among the faceted strategies of Swiggy – is its fresh focus on hyperlocal market. In an attempt to fillip sales, the food tech giant has led $180 million in the latest funding round to Bengaluru-based bike-taxi startup, Rapido. Besides Swiggy, the Series D funding round also saw participation from WestBridge, TVS Motor, Nexus Ventures and Shell Ventures.

Let’s Talk Shop

Since its inception 6 years ago, Roppen Transportation Services Pvt. Ltd – the operator of Rapido – flaunts Kunal Shah of CRED and Amarjit Singh Batra of Spotify India among its backers. Having raised $310 million in funding so far, Rapido claims to serve over 25 million customers and 1.5 million driver-partners – in almost 100 Indian cities. 

New Rides and Big Money

The partnership will help Swiggy address a huge vexation: sub-optimal usage of riders during dormant hours. The food-tech giant will milk on Rapido’s fleet network, which is already spread across the country.

The funds raised would help bolster Rapido’s technology, increase overall supply and ensure seamless last-mile connectivity. They will also be invested in Rapido’s 3 services: – bike-taxi, auto and delivery- to enhance its captain earnings.

Mobility Game Coming Strong

TVS Motors – the latest investor who is very passionate about EVs – will further accelerate Rapido’s expansion. The bike-taxi startup plans to expand and serve 50 million customers by next year. Ding ding!

Too long? Here’s a one-liner: Rapido raises $180 million in Series D funding round from Swiggy; TVS joins as new investor.

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