BENGALURU: Bike taxi platform Rapido has raised $180 million in a Series D round led by the new investor- food delivery giant Swiggy. The round also saw participation from new investor TVS Motor Company, along with existing investors Westbridge, Shell Ventures and Nexus Ventures. With this new investment, Rapido’s valuation is said to be around $830 million.
This investment from Swiggy comes at a time when its rival Zomato announced a 10-minute food delivery. The funds will be used to increase overall supply to create an enhanced consumer experience across a larger audience base in metros, tier 1, 2, and 3 cities, and ensure seamless last-mile connectivity, Rapido said.
Also, the amount will be leveraged to bolster Rapido’s technology, and amplify and strengthen its teams across diverse sets of capabilities.
The bike taxi platform will be investing the funds in all its three categories - bike-taxi, auto, and delivery, to enhance its captain (driver-partners) earnings, and improve customer experience in over 100 cities the company operates in.
“We hold a lot of respect for the resilience Rapido has displayed in transforming the mobility and logistics space in India,” said Sriharsha Majety, Co-founder and CEO of Swiggy. Both Swiggy and Rapido are already working together, and it is said that this investment facilitates closer alignment to leverage the synergies between the platforms.