Rapido raises $180 mn at $830 mn valuation in funding round led by Swiggy

Swiggy's investment will leverage the synergies between the two companies to unlock more opportunities for delivery executives and captains across both fleets

Bike taxi platform Rapido, has raised $180 million in its latest Series D round. Led by new investor Swiggy, the round also saw investment from TVS Motor Company, along with existing investors, Westbridge, Shell  Ventures, and Nexus Ventures, partaking in the fundraise. The company's valuation after the fundraise is $830 million.

The funds would be leveraged to bolster Rapido’s technology, amplify and strengthen its teams  across diverse sets of capabilities, increase overall supply to create an enhanced consumer  experience across a larger audience base in metros, tier 1, 2, and 3 cities, and ensure a seamless  last-mile connectivity.

“This will fortify Rapido’s presence to provide a convenient, safe,  accessible, and affordable alternative mode of daily commuting. Rapido will be investing these  funds in all its three categories, viz. bike-taxi, auto and delivery, to enhance its captain earnings  and improve customer experience in 100+ cities the company operates in,” the company said.

Rapido has raised $130 million in the past from various investors and is currently present in around 100 cities across the country with over 25 million customers and over 1.5  million Captains (driver-partners).

Swiggy’s participation in this round will build on the synergies between the two companies. With the aim to deliver superior customer experience through higher fleet availability, it  will also provide additional earnings for both Swiggy’s delivery executives and Rapido’s captains.  

Aravind Sanka, Co-Founder, Rapido, “We, at Rapido, are grateful  to our existing and new investors for giving impetus to our vision. We look forward to learning  from Swiggy’s experience to scale up throughout the country and enhance our captains’/customers’ experience, who are the backbone of our business.”

“We hold a lot of respect for the resilience Rapido has displayed in transforming the mobility and  logistics space in India,” said Sriharsha Majety, Co-founder and CEO of Swiggy. “

“Swiggy and  Rapido share a vision to build a logistics platform that empowers riders through more  opportunities and higher earnings. While we’ve already been working together, this investment  facilitates closer alignment to leverage the synergies between the platforms and improve the  value we provide to both consumers and delivery executives/captains across the country,” he added.