INDIAN BIKE TAXI SERVICE RAPIDO RAISES 52 million:
Indian bike taxi integrator Rapido said on Monday that it raised $ 52 million in a new six-year round of funding to find a place in the South Asian markets . The new C Series seed funding was funded by Shell Ventures, Yamaha, Kunal Shah of CRED, Amarjit Singh Batra of Spotify India and Positive Moves Consulting. Pavan Munjal, a longtime investor in Hero Group, Westbridge, Nexus Venture Partners and Everblue Management, also entered the round, raising over $ 130 million today.
Rapido provides two-wheeled transport services in approximately 100 cities in India. The startup claims to have over 15 million customers . In recent years, adoption has expanded to the tricycle segment, which he believes has quadrupled from last year in 26 cities serving regional hyper-regional transportation.
The startup said platforms hit by the coronavirus pandemic when India imposed restrictions in several states have recovered 85%. This launch is partly related to the expansion of e-commerce and trans-regional shipping opportunities in India.
Our products and business model are lucrative and can generate huge returns, but this fundraiser demonstrates investor confidence in us, not capital needs, ”said Aravind Sanka, co-founder of Rapido.
He said that over the next 18 months, the number of subscribers will increase to 50 million. The startup also plans to raise capital to expand its technology package, plan strategic investments and hire more people.
Rapido’s growth follows changes in the Indian mobile market, where Uber and Ola have flooded over a million taxis over the past decade. In urban cities, two- and three-wheeled vehicles are more efficient because they move much faster and are more accessible.
In recent years, Ola and Uber have partnered with companies like Vogo and Yulu to move into the two- and three-wheeled vehicle categories. Ola has also expanded its production of electric vehicles. On Sunday, the company unveiled its first electric scooter,
Rapido provides an application-based platform for servicing two-wheeled vehicles. Users can provide their location data to book a ride, or let the GPS of the mobile app determine their location automatically. Users can indicate the approximate cost of the trip when booking the trip. It also offers features such as real-time tracking, insured trips, payment options, door-to-door service, and more. The company is also expanding its services with delivery services.
Rapido is the first and fastest growing motorcycle taxi app in India with 25 million downloads. We currently operate in over 100 cities, with 10 million customers and 100 million travel experiences. Rapido is here to revolutionize city travel by redefining convenience.
Rapido has applied for a permit from the State Transportation Administration (STA) to operate a taxi service in the city. In a press release, the company announced that the city will hire 100 “female captains” by the end of 2022. They are equipped with electric two-wheeled rental vehicles and can make a profit on condition.
A recent ruling by the Karnataka State Supreme Court has removed all ambiguity about the legality of the Ojak. Candidates can confidently join Rapido as captain to generate income by using their bikes as taxis without fear of repercussions and objections, ”the statement said.
The company claims the Karnataka Supreme Court ruled that the value of the motorcycles could be used to rent and transfer millions of dollars worth of passengers in a lawsuit recently filed by a leading transportation company. “The court also ruled that the motorcycle tax was classified by the central government as a vehicle under the provisions of the Automobile Act of 1988,”
A senior transportation official said it would allow electric bike taxis to be used . “The central government has authorized the use of electric bike taxis within the city. If the platform invests in e-bikes, hires drivers, provides taxi services to customers, and charges government-set rates, it will be approved. However, it is not allowed to install a personal bike (board) and use it as an aggregator. ” Before the epidemic, the Ministry of Health sent the state a proposal for a bicycle taxi. “I am undergoing a test in front of the Minister of Transport. We are looking for a minimum rate of 10 and 5 per kilometer. We are also writing a letter to the center with instructions on how to authorize the use of e-bikes, ”added the staff.