Rapido which is a Bike taxi startup has now secured Rs 71 crore in the funding round of Series A led by the Hong Kong multi-strategy private investment firm Integrated Capital.
Some of the existing investor US-based Skycatchr, Astarc Ventures, and AdvantEdge Ventures also took part in this round, the company said in a statement.
For the integrated Capital Ventures, this is the second investment in Indian in the time period of four months, last year it invested in Tea Café Chain Chaayos.
Rapido, which is operated and led by the Roppen Transportation Services Pvt Ltd, plans to use the funds to expand its operations to all the major cities in the entire country.
The company has an aim to reach to 25 cities by the end of this year. As of now, Rapido gets 3 million orders a month and has a plans to grow to 20 million orders by the end of this year.
The startup founded by the Sanka, Pavan, and Rishikesh, it allows the users to book the bike rides for the solo trips with the mobile app that can be accessed in the multiple languages such as the Telugu, Kannada, Tamil, English and Hindi. As of now, it operates in Delhi and Bangalore.