The journey from idea to execution is a dynamic and thrilling adventure, where creativity meets action in a dance of innovation. It all begins with a spark—an idea that ignites imagination and hints at possibilities beyond the familiar. This nascent concept is then nurtured through careful planning and thoughtful creation, transforming abstract thoughts into tangible plans and prototypes. As the vision takes shape, execution becomes the thrilling final act, where strategy and effort converge to bring the idea to life. This phase demands not just commitment and precision but also a willingness to adapt and refine.
The result is a vibrant manifestation of creativity and hard work, where an initial thought blossoms into a completed project, resonating with impact and success. This is the story of Rapido, a mobile application on transport mobility which has come a long way after its inception in 2015. The ride-hailing start-up has raised a funding of $120 million (about Rs 1,000 crore) in primary capital from existing investor WestBridge Capital at a post-money valuation of $1 billion, showed regulatory filings thus making it the latest company to join the coveted unicorn club. The ride-hailing startup has become the third unicorn in India this year, after Perfios and Ola founder Bhavish Aggarwal’s Krutrim AI.
Founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, Rapido had raised $180 million in Series D funding round in April 2022, led by Swiggy, which valued the mobility startup at $800 million. Rapido has raised about $430 million till date. Mr. Pavan Guntupalli is an Alumnus of IIT Kharagpur who has completed his B.Tech in Electronics and Electrical Communications Engineering (2008-2012). Prior to Rapido, Mr. Pavan Guntupalli was a Software Developer in Samsung Research India, Bangalore from
Rishikesh SR, Aravind Sanka, Pavan Guntupalli (L-R)
The investor poured in the fresh capital through three of its related entities – Setu AIF Trust, Konark Trust, and MMPL Trust, as per regulatory filings. The Hyderabad-based firm which started off as an auto and bike taxi aggregator, has also ventured into cabs. The company will expand its auto and cab offerings in newer cities across India. The market analysts are projecting that the Bengaluru-based bike taxi company is likely to raise another $20 million from global investors.
“With over 10 lakh bike taxi riders and around 20 lakh bike rides happening every week, it’s evident that bike taxis play a crucial role in Karnataka’s transportation ecosystem. This data highlights the significant demand and reliance placed on bike taxis for convenient and efficient mobility solutions across the state. Rapido expresses confidence that the transport department of the government of Karnataka will adopt a more comprehensive approach, in line with the provisions of the Motor Vehicles Act and the recent advisory issued by the Ministry of Road Transport and Highways related to the grant of contract carriage permit to two-wheelers,” said Pavan Guntupalli, Co-founder of Rapido.
We’re #1 choice of 10 Million people because we’re the solution of India’s intra-city commuting problems. With assured safety, we also provide economically priced rides. Our bike taxis can dodge the traffic during peak hours and get you to the destination in a jiffy! So when you think travel, think Rapido. With a lot of hardwork and perseverance we have made a place for ourselves in the market. As a brand and as a service, it is our constant endeavour to redefine ourselves.” – Rapido
Rapido, like its rivals Ola and Uber, has rolled out subscription-based plans for auto rickshaw drivers on its platform instead of charging a booking fee or commission on every transaction. Rapido has also forayed into cab-hailing services, essentially becoming a full-stack ride-hailing firm.
Rapido has raised $329 million in funding prior to the latest round. Nexus Venture Partners and Integrated Capital are among its other investors. The company has managed to reduce its burn to around $2-3 million a month and is on track for operational profitability by FY25-end. Rapido has also forayed into the hyper-local parcel delivery and cab service market as it looks to expand its offerings from auto and bike taxi services.
“We firmly believe that the revised approach will facilitate the grant of contract carriage permits to two-wheelers and bike taxis, aligning Karnataka with states that have successfully implemented similar models. This move is not only crucial for the growth of the sector but also ensures compliance with the existing provisions of Motor Vehicles Act 1988 and Motor Vehicle Rules,” Guntupalli added.
Rapido was among late-stage firms engaged in talks to raise a large round at a marginally higher valuation than its last fundraise. The new round, which is yet to be fully closed, could also see a secondary component being stitched up with some early investors exiting their positions. The company was valued at $825 million after its $180 million funding in April 2022. While Rapido is yet to disclose FY24 numbers, the firm’s operating revenue surged 3X to ₹443 crore during FY23.
“By leveraging the latest safety technologies and on-boarding/training for our captains. Every ride is tracked by Rapido with access to granular latitudinal and longitudinal. In line with our Safety First philosophy, we have been conducting a stringent Four-step Background Verification of every captain on our platform since hiring process, verification through third party vendor, captain training process, captain monitoring process and captain retention process.” – Rapido
For more, visit
https://www.rapido.bike/
Media Courtesy:
| TOI | The Hindu Business Line | Economic Times |
| Business Standard | Hindustan Times | Money Control |
| En Trackr | Inc42 |
By : Poulami Mondal, Digital & Creative Media Executive (Creative Writer)
Email: poulami.mondal@iitkgp.ac.in, media@iitkgp.ac.in, Ph. No.: +91-3222-282007
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