India-based on-demand ride provider Rapido has received $180m in a series D round led by food delivery service Swiggy at a valuation of $800m, TechCrunch has reported.
Oil and gas producer Shell also took part in the round, through corporate venturing unit Shell Ventures, along with motorcycle manufacturer TVS Motor Company and venture capital fund Nexus Venture Partners. It increased the company’s total funding to $310m.
Founded in 2015, Rapido provides bike-based taxi services across India through a mobile platform. It claims it has more than 1.5 million drivers and 25 million registered users, a number it aims to double over the next year.
The company had previously raised $52m in an August 2021 series C round featuring Shell Ventures, a subsidiary of petroleum supplier Shell, as well as automotive manufacturer Yamaha, consulting firm Positive Moves, Nexus Venture Partners,Everblue Management, Kunal Shah, Amarjit Singh Batra and Pawan Munjal.
The August round followed over $73m from investors including Nexus Venture Partners, Motherson Lease Solutions, Westbridge Capital, Bace Capital, Shunwei Capital, Integrated Capital Growth, Astarc Ventures, India Technology Fund, Thompson Taraz Managers, Skycatcher, Battery Road Digital Holdings and AdvantEdge Founders.
Swiggy’s chief executive, Sriharsha Majety, said: “Swiggy and Rapido share a vision to build a logistics platform that empowers riders through more opportunities and higher earnings.
“While we have already been working together, this investment facilitates closer alignment to leverage the synergies between the platforms and improve the value we provide to both consumers and delivery executives/captains across the country.”
Image courtesy of Roppen Transportation.
