Bike taxi startup Rapido has raised $10 million (Rs 71 crore) in a Series A funding round led by Hong Kong-based multi-strategy private investment firm Integrated Capital.
Rapido, operated by Roppen Transportation Services Pvt. Ltd, plans to use the money to expand its operations to all major cities in the country, said co-founder Aravind Sanka.
The company aims to reach 25 cities by the end of this year. Currently, Rapido gets 2.5 million orders a month and plans to grow to 20 million orders by the end of this year, said Sanka.
Founded by Rishikesh SR, Pavan Guntupalli and Sanka, Rapido allows users to book bike rides for solo trips via a mobile app that can be accessed in multiple languages such as Kannada, Telugu, Tamil, Hindi and English. Rapido operates in Bengaluru and Delhi.
In 2017, it had raised $750,000 from investors including Hero MotoCorp chairman Pawan Munjal, Google India managing director Rajan Anandan and Astarc Ventures, according to VCCEdge, the data research platform of News Corp VCCircle.