The round also saw investment from TVS Motor Company alongside existing investors
The round also saw investment from TVS Motor Company alongside existing investors
Pedicab platform Rapido announced on Friday it had raised $180 million (more than £1,370 million) in a Series D funding round led by new investor Swiggy.
The round also saw investment from TVS Motor Company alongside existing investors Westbridge, Shell Ventures and Nexus Ventures, the company said in a statement.
The funds would be used to strengthen technology, expand and empower teams with diverse skills, and increase overall offerings to create an enhanced consumer experience for a larger audience in metro, Tier I, II, and III cities , it added.
Rapido said it will invest those funds across all of its three categories — pedicab, car and delivery — to grow revenue for its propulsion partners and improve customer experiences in over 100 cities where it operates.
“Swiggy’s participation in this round will build on the synergies between the two companies,” the company said.
Aravind Sanka, Co-Founder of Rapido, commented on the fundraiser: “We look forward to learning from Swiggy’s experience to scale up across the country and enhance the experience of our captains (driver-partners)/customers who are the backbone form our business.”
He also said: “TVS Motor, which is very committed to electric vehicles and the future of mobility, will help us to further expand. We hope to accelerate our pace of becoming a household name as we expand our geographies and services on the backbone of our robust, global, standard technology.”
Commenting on the company’s investment in Rapido, Sriharsha Majety, Swiggy Co-Founder and CEO said, “Swiggy and Rapido share a vision to build a logistics platform that empowers drivers with more choices and increased revenue.”
“While we have already worked together, this investment facilitates a closer alignment to leverage the synergies between the platforms and enhance the value we offer to both consumers and delivery leaders/captains across the country,” added Mr. Majety.
In the past, Rapido had raised $130 million from various investors. It is currently present in about 100 cities across the country with more than 25 million customers and more than 1.5 million rider partners.
