Motorbike taxi service platform Rapido lands USD 329,230
Founders: Aravind Sanka, Rishikesh Ramanath, Pavan Guntupalli
Founded in: 2015
Financing status: USD 329,230 for undisclosed round in 2017
Bangalore-based motorbike taxi platform Rapido has raised USD 329,230 in a fresh funding round from US-based Skycatcher Fund and UK-based Thompson Taraz Managers.
Rapido was founded in 2015 by IIT alumni Aravind Sanka, Rishikesh Ramanath, and Pavan Guntupalli. Sanka and Ramanath, alumni of IIT-Bhubaneswar and PES University, were both previously co-founders of on-demand truck service provider theKarrier. Guntupalli, an alumnus of IIT-Kharagpur, previously co-founded Roppen Labs. He was also a software developer at Samsung Research India.
Rapido is an app-based motorbike taxi booking platform. It allows solo commuters to hail a motorbike ride through a mobile app. It offers both online and offline bookings with 7*24 services. To ensure safety, a helmet is provided for users during the ride. If the user lacks an internet connection, he or she can send a SMS with the location details on the app and receive details of a nearby vehicle through SMS. The startup automatically assigns the nearest motorbike to the user’s location. Payment is cashless through PayTM, Freecharge, Mobikwik or Rapido Wallet. The platform also allows qualified drivers (with a valid driver’s license) with a two-wheeler to become a driver on the platform and earn money. The startup currently has operations in the four Indian cities of Bangalore, Hyderabad, Mysuru, and Gurugram. It claims to have completed more than 1,000,000 rides with over 300,000 customers on the platform.
The startup will use the newly raised investment to expand into other cities and build its team.
Other players in the motorbike sharing and private transportation sectors in India include Baxi and Ola, among others. Uber, Jugnoo, and Runnr all plan to enter the motorbike taxi service segment.
(Top photo from Rapido Twitter)