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Rapido raises $52 mn from Shell Ventures, Yamaha, Kunal Shah, Spotify India CEO, others

Rapido raises $52 mn from Shell Ventures, Yamaha, Kunal Shah, Spotify India CEO, others

Founded in 2015 by Rishikesh SR, Pavan Guntupalli and Aravind Sanka, Rapido currently has a presence in around 100 cities in the country

Rapido has new investors in Shell Ventures, Yamaha Rapido has new investors in Shell Ventures, Yamaha

Bike-taxi platform Rapido said on Monday that it has raised $52 million in its latest round of funding. New investors in this round include Shell Ventures, Yamaha, CRED founder Kunal Shah, Spotify India CEO Amarjit Singh Batra and Positive Moves Consulting.

Existing investors such as Hero Group’s Pawan Munjal, Westbridge, Nexus Venture, and Everblue Management also participated in this round.

Rapido said that it would use the funds to invest in technology, people, and supply to further boost its growth, and make transportation a reality for the masses. It said that its product and business model is lucrative and has potential to churn out exceptional revenues. It said that this fundraising shows investors’ confidence in them rather than the need for capital.

Co-founder Aravind Sanka said, "From 15 million users in the last two years, we now plan to increase that number to 50 million in the next 18 months and continue providing affordable transportation for the masses."

Founded in 2015 by Rishikesh SR, Pavan Guntupalli and Aravind Sanka, Rapido currently has a presence in around 100 cities in the country. The Rapido app has been downloaded more than 25 million times.

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Published on: Aug 16, 2021, 1:20 PM IST
Posted by: anwesha madhukalya, Aug 16, 2021, 1:13 PM IST