Tag: funding

IIT KGP Alumnus led Rapido becomes Unicorn with fresh $120 million funding

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:

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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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IITKgp Full Scholarship for SAARC Nationals

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IIT Kharagpur is launching a full scholarship program for SAARC nationals. The program will be open for full-time students across all levels of study undergraduate, postgraduate and doctoral studies in SAARC countries outside India regardless of whether their home institution has an MoU with IIT Kharagpur. The Institute is focusing on students from Bangladesh, Bhutan, Nepal, Sri Lanka and the Maldives. The Institute will be reaching out to universities and embassies of these countries as well as through the Ministry of External Affairs, Govt. of India, this month opening up the enrolment for 2019 including summer and winter terms.

The first batch of the program will be open for 10 students with funding from US-based alumnus and petrochemical industrialist Dr. Asoke Dey Sarkar. The first edition named the Asoke Dey Sarkar International Program or ADSIP will provide funding for their airfare, tuition fee, living expenses, local transport as well as medical insurance. Download program information.

India is keen to promote cooperation in research and education with South Asian nations. As a premier technological university of the country, IIT Kharagpur intends to carry that mandate forward. Engaging with SAARC universities is a declared priority of IIT Kharagpur.

“SAARC nations share a common heritage. We also share a common future and a common vision of prosperity. There are some excellent educational institutions in our neighbouring countries with students who are comparable to the best in the world. We would like to know how they are gearing up to face the new challenges, what new things they are learning, what solutions they are coming up with. In the process, if we can present to them what is best in us, and create a lifelong bond of friendship, it will be a win-win for all,”

– remarked Prof. Baidurya Bhattacharya, Dean, International Relations at IIT Kharagpur.

The students will be required to explore the courses and research areas and identify the experts at IIT Kharagpur as mentors. In addition to a formal application, the students will be required to appear for a video interview. IIT Kharagpur will provide a transcript of the academic work to every visiting student along with the syllabus and pedagogical details. Based on these the home institutions may accept those credits.

The courses would encompass all areas of engineering and technology, biosciences, social sciences, economics, management, law. Students can also work on research projects including collaborative research with international partners of IIT Kharagpur. It will include trending areas such as artificial intelligence, robotics, rewater research, climate change, quality and reliability, high-speed and intelligent transportation, smart infrastructure, advanced manufacturing, affordable healthcare, clean energy, the science of happiness etc.

“The strongest and most durable academic cooperation gets built when students visit each other and lay the foundation of a lasting partnership. ADSIP is the first serious attempt by an IIT to promote an all-around student-centric partnership with Institutions in our neighbouring countries,”

added Prof. Bhattacharya. The Institute will encourage other alumni to follow the lead of Dr. Deysarkar in addition to seeking funding from the government.