[Funding alert] Bike taxi app Rapido raises Rs 1.49 Cr from investor Karina Choudhrie
Bengaluru-based bike taxi app Rapido has raised a funding of Rs 1.49 crore from investor Karina Choudhrie, according to RoC filings accessed by YourStory.
As per the filing, the company issued 167 Series A3 Compulsorily Convertible Preference Shares on July 17 at a premium value of Rs 89,672.82 per share.
In April this year, it had raised $11.2 million led by Nexus Venture Partners with participation from Karina Choudhrie Tech Sponsors India, Integrated Capital, and Rapido Holdings LLC. In January, the company received $10 million led by Hong Kong-based investment firm Integrated Capital.
Rapido, which has a fleet of over 60,000 active riders operating across major Indian cities, including Bengaluru, Gurugram, and Delhi, is reportedly said to be in the final stages of closing a $50 million round from Westbridge Capital. The Rapido app, available for Android users, is available in 40 cities in India with over two million customers, and has registered over 10 million rides.
Founded in 2015 by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, the firm recently introduced a subscription-based programme – called Power Pass – that will help Rapido customers save more on their travel spend. With this, Pass users will not only be able to avail huge benefits on all their rides but also book their rides without any surge pricing levied on flat fares.
Rapido aims to have a million active Pass users by June 2020. According to the company, Pass users can save up to 40 percent on their travel spending.
Earlier this month, another Bengaluru-based two wheeler rental startup Bounce also secured Rs 10 crore ($1.45 million) in debt funding from Flipkart Co-founder and former CEO Sachin Bansal’s new fund BAC Acquisitions. BAC Acquisitions last invested $3 million in debt in Bounce in March 2019.
In June, Bounce also raised $72 million in Series C round led by global technology fund, B Capital Group, and Falcon Edge Capital, a New York-based hedge fund.
(Edited by Megha Reddy)