18 April, 2016, Bangalore: Bike taxi operator Rapido has raised pre-series A round of funding led by Pawan Munjal, Chairman, MD & CEO of Hero MotoCorp Ltd; AdvantEdge Partners; Astarc Ventures; Tesellate Ventures; Anupam Mittal, Founder & CEO of People group; Harish Bahl, Founder of Smile Group; 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.”
Rapido has over 50,000 app downloads and delivered more than 1, 25,000 rides. The company claims that 85 per cent of its rides are from repeat customers and 10 per cent of the customers are women. They recently launched a free Bike sharing platform during the second phase of odd-even in Delhi which has got a tremendous response from the citizens of Delhi.
“Our investors will contribute not only by infusing capital but also by sharing expertise in scaling the business. India is a world leader in two wheeler manufacturing which makes bike taxi a potential option for solving the daily commuting problems. We believe India has a potential of more than two million bike taxis and we are at the forefront in this segment building a convenient, cost-effective, faster yet personal mode of transportation.” Aravind added.
Rapido has stringent checks and strict penalties to ensure best in class safety standards. 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
Pawan Munjal, Chairman, MD & CEO, Hero MotoCorp, who has invested in the venture in his personal capacity, said, “In a rapidly-changing demographics and socio-economic environment, urban mobility in the country is undergoing an evolution with people looking for alternative modes of transport, convenience and comfort. Rapido is a commendable initiative and has the potential to generate significant employment besides making convenient motorized transport accessible to the masses. With their strong background and passion, I believe the founders of Rapido are well positioned to deliver on their promise. I wish them all the best.”