Recently, Rapido received $180 million in a Series-D investment and has expanded 2.5 times as much as it was before the epidemic hit.
After a recent $180 million Series-D financing, Rapido, a bike-taxi platform, has grown 2.5 times to pre-pandemic levels. In the next round of funding, the Swiggy-backed startup will join the unicorn club, with a valuation that has surpassed $830 million.
When it presents itself, we don’t waste time pursuing it. So valuation has not been a priority for us as an organisation. But, when it comes to actual numbers, we have no idea when that will happen,” Rapido co-founder Aravind Sanka told The New Indian Express.
It has about 25 million clients and 1.5 million driver partners. As of December 31, Rapido expects to have served more than 50 million clients. It processes close to 20 million orders per month, with 5% of its riders and roughly 20% of its customers female.
When Rapido was first introduced, riding a stranger’s bike wasn’t common in India for seven years ago. A decade later, Rapido has expanded to encompass over a hundred locations worldwide.
For Rapido, most of its customers are young people between the ages of 20 and 35, but it is also focusing on ways to get middle-aged and older people to ride bikes. While it took them several years to develop the bike taxi category, they only took a year to onboard drivers in the auto category when they arrived during the second Covid wave. We accomplished half of what we could in the bike taxi a year later.
Rapido is also a logistics company, delivering food and groceries to customers through bike taxis and cars. 60 per cent of its revenue comes from bike taxis, 30 per cent from cars, and 10 per cent from deliveries. Food delivery services like Swiggy and BigBasket have also teamed up with Rapido. TVS Motor Company has also just joined forces with the startup.
Before Covid, we were pioneers in the delivery space. However, during the lockdown period, we noticed that the mobility company took some time to recover, so we stepped up our delivery efforts. Rapido’s co-founder said, “We scaled more than five times compared to the pre-pandemic level.” He added that the company is focused on first- and last-mile connections as a priority.
Segments in which Rapido offers services
Rapido can deliver food and groceries in addition to its other services, such as bike-taxi and car service. Bike taxis account for 60% of the business, 30% for automobiles and 10% for delivery. Users can also save money using Rapido Coupon Code.