Fri. Mar 29th, 2024
Credit: CarAndBike

Rapido, a bike taxi startup, closed its series B funding round at INR 390.11 crore from a bunch of new and existing investors, cited Inc42.

The round has been led by WestBridge Capital as it picked up 8 Series B equity shares and 16,159 Series B CCPS at a value of INR 222.6 Cr. Other investors in the round include Bace Fund, Integrated Growth Capital, Nexus Ventures, Konark Trust, Sabre Investment, Skycatcher LLC, etc.

According to sources, the company Rapido has issued Series B equity shares at a nominal value of INR 100 at a premium of INR 1,37,682 per share. At the same time, Series B preference shares have been issued at a nominal value of INR 100 at a premium of INR 1,37,592 per share.

Rapido was founded by Rishikesh SRPavan Guntupalli and Aravnind Sanka in 2015. The company has currently 10,000 active drivers, including women.

Anyone with a two-wheeler license, a bike, a vehicle registration certificate, and bike insurance can register themselves as a Rapido Captain.

The company, earlier, claimed that as of January 2019, it does 2.5 million orders a month and plans to grow to 20 million order by the end of 2019.

Earlier this month, the company Rapido said it is present in over 75 cities and has over one million captains (drivers) and over 10 Mn customers. It claims to have completed 50 Mn rides with over 250 Mn kilometres.

Some of the significant players, serving similar objective as Rapido, include UberMotoOlaVogoGojek and many more.

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