Company Name : Rapido
Funding Amount : Undisclosed
Investor(s) Pawan Munjal, AdvantEdge Partners, Astarc Ventures, Tesellate Ventures
Funding Round : Pre-Series A
Bike taxi operator Rapido has raised pre-series A round of funding led by Pawan Munjal, Chairman, MD & CEO of Hero MotoCorp; AdvantEdge Partners; Astarc Ventures; Tesellate Ventures; Anupam Mittal, Founder & CEO of People group; Smile Group Partners; Ankit Nagori, Ex CBO, Flipkart; Rajan Anandan, MD Google India & South East Asia and Kunal Khattar, serial entrepreneur and Co-founder of Carnation Auto.
Aravind Sanka, Co-founder Rapido said, “The funds will be deployed for Rapido’s expansion into other cities and building up the team. A majority of our customers use us as a daily commute option since we have built the product with deep understanding of their needs. We have unique features such as quick booking, favorite routes and multiple modes of booking including missed call booking service. At the moment, we have a fleet of over 400 bikes across Bangalore, Gurgaon and Delhi. The number is set to touch 1,000 over the next 2 months.”
The company claims to have over 50,000 app downloads and delivered more than 1, 25,000 rides. 85% of Rapido’s rides are from repeat customers and 10% of the customers are women.
A rider has to complete a comprehensive test ride process, get the vehicle inspected, get all the requisite documents verified and accomplish mandatory training & certification before coming onboard. Rapido also monitors speed for each ride and sends prompts to the rider in case of over speeding. Furthermore, Rapido has an emergency SOS button installed within the app which allows Rapido’s safety measures team to monitor every ride taken on the network.