Rapido drives off with $180M in funding

Bike taxi company Quick raised $180 million in Series D funding.

The investment in the Bengalaru, India-based company was led by food delivery platform Swiggy with TVS Motor Company and existing investors Westbridge, Shell Ventures and Nexus Ventures also involved.

Confirming the funding on LinkedIn, Aravind Sanka, co-founder of Rapido, says the company’s ultimate goal is to provide “different modes of transportation” to 100 million customers through its platform.

He says the company, which was founded in 2015, has placed more than 300 million taxi orders and handles 20 million in more than 90 cities each month.

The funds will go to Rapido’s three business units – bike taxi, cars and delivery and will be used to further develop its technology and attract new recruits.

Sanka says, “We look forward to learning from Swiggy’s experience to grow across the country and improve the experience for our captains (drivers)/customers. We hope to pick up our pace to become a household name as we are expanding our geographies and our services, on the backbone of our robust, global standards-compliant technology.”

Rapido raised $52m in August last year and its total funding now stands at around $310m with this latest funding.