Pedicab platform Rapido said Friday it has raised $180 million (more than Rs 1,370 crore) in a Series D financing round led by new investor Swiggy.
The round also saw investments from TVS Motor Company, along with existing investors Westbridge, Shell Ventures and Nexus Ventures, the company said in a statement.
The funds would be used to empower technology, empower and empower teams with different sets of capabilities, and increase overall offerings to create an enhanced consumer experience for a wider audience in metros, tier I, II, and III cities. , it added.
Rapido said it will invest these funds in all of its three categories — pedicab, auto and delivery — to improve the revenues of its drive partners and improve the customer experience in more than 100 cities in which it operates.
“Swiggy’s participation in this round will build on the synergies between the two companies,” the company said.
In the past, Rapido had raised $130 million from various investors. It is currently present in approximately 100 cities across the country with more than 25 million customers and more than 1.5 million driver partners.
Commenting on the fundraiser, Rapido co-founder Aravind Sanka said: “We look forward to learning from Swiggy’s experience to scale across the country and the experience of our captains (driver partners) and customers, who are the backbone of our company, to improve it.”
He added that “TVS Motor, who is deeply passionate about electric vehicles and the future of mobility, will help us in further expansion. 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”.
Speaking about the company’s investment in Rapido, Swiggy co-founder and CEO Sriharsha Majety said, “Swiggy and Rapido share a vision to build a logistics platform that gives riders more opportunities and increased revenue.”