[Funding alert] Bike taxi app Rapido raises Rs 391 Cr in Series B led by Westbridge Capital
Bengaluru-based bike taxi app Rapido, which has registered over 10 million rides till now, has raised funding of Rs 391 crore in a Series B funding round. Its valuation has now reached Rs 1,005 crore.
Bengaluru-based bike taxi app Rapido has raised funding of Rs 391 crore in a Series B funding round led by Westbridge Capital with participation from Nexus Venture Partners, Ant Financial-backed BAce Fund, Astrend India Investment Limited, and a few others.
According to RoC filings accessed by YourStory, the startup has issued 28,387 Series B preference shares to investors at a price of Rs 137,692 per share. Post investment, Rapido’s valuation reached Rs 1,005 crore, the documents showed.
As per shareholding structure after this round, Westbridge Capital will become the single largest shareholder in Rapido with 22.15 percent holding, while Nexus VP will hold 12.5 percent. Hong Kong-based Integrated Capital, which also participated in the funding, now holds 14.29 percent stake in the company.
Bike taxi operator scoops up pre-Series A from Google India MD, Hero MotoCorp MD and others
In April this year, Rapido 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 has a fleet of over 60,000 active riders operating across major Indian cities, including Bengaluru, Gurugram, and Delhi. The app is available for Android users in 40 cities in India with over two million customers.
Founded in 2015 by Rishikesh S R, Pavan Guntupalli, and Aravind Sanka, Rapido has registered over 10 million rides.
Recently, Madras High Court also banned the bike taxi startup’s operations in Tamil Nadu for nearly two weeks. However, it resumed operations after a court order.
Earlier in July, 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 Teja Lele Desai)
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line 'Coronavirus Disruption' to firstname.lastname@example.org