In a groundbreaking move that promises to revolutionize the transportation sector, Swiggy, India’s leading food delivery platform, has announced its strategic investment of $180 million in Rapido, the country’s largest bike taxi platform. This rapido indian series swiggy 800msinghtechcrunch funding round showcases the immense potential of Rapido and solidifies Swiggy’s commitment to diversify its offerings beyond the realm of food delivery. The new round values Rapido at over $800 million.
The investment not only demonstrates Swiggy’s confidence in Rapido’s business model but also highlights the growing demand for efficient and affordable transportation solutions across India. Rapido, with its extensive network of bike taxis, offers a convenient and time-saving mode of transport, especially in congested urban areas.
Speaking about the investment, Mr. Sriharsha Majety, CEO of Swiggy, said, “We are thrilled to partner with Rapido and contribute to the growth of India’s booming mobility sector. Rapido’s innovative approach to transportation aligns perfectly with Swiggy’s vision of providing reliable and accessible services to millions of Indians. Together, we aim to transform the way people travel in our country.”
Rapido’s bike taxi service has gained immense popularity since its inception, with millions of users relying on its quick and cost-effective transportation options. By leveraging Swiggy’s extensive customer base and established infrastructure, Rapido aims to further expand its reach and consolidate its position as a leading player in the Indian mobility market.
Commenting on the investment, Mr. Aravind Sanka, Co-founder of Rapido, said, “We are excited to partner with Swiggy, a company that shares our passion for providing exceptional customer experiences. This investment not only strengthens Rapido’s financial position but also provides us with valuable expertise and resources to enhance our offerings. With Swiggy’s support, we are confident in our ability to accelerate our growth and bring our services to even more cities across India.”
The funding round, led by Swiggy, also saw participation from existing investors, including Westbridge Capital, Shunwei Capital, and others. The injection of $180 million will be utilized by Rapido to fuel its expansion plans, invest in cutting-edge technology, and enhance its operational capabilities.
With this strategic investment, Swiggy demonstrates its commitment to diversifying its portfolio and exploring new avenues of growth. The move aligns with Swiggy’s vision of becoming a comprehensive hyperlocal platform catering to various customer needs beyond food delivery.
Both Swiggy and Rapido are renowned for their customer-centric approach and commitment to innovation. This partnership not only unlocks exciting synergies between the two companies but also promises to redefine urban transportation in India.
About Swiggy
Swiggy is India’s leading food delivery platform, providing convenient and reliable services to millions of customers across the country. Founded in 2014, Swiggy has transformed the food delivery landscape through its efficient operations and seamless technology platform. With a diverse range of restaurant partners and an extensive delivery network, Swiggy continues to enhance the food ordering experience for customers nationwide.
About Rapido
Rapido is India’s largest bike taxi platform, offering affordable and time-saving transportation options to users across multiple cities. Launched in 2015, Rapido has revolutionized urban mobility by providing efficient bike taxi services. With a strong focus on customer satisfaction and safety, Rapido has gained significant traction and emerged as a leader in the Indian mobility market.
Note to Editors: For more information about the Swiggy and Rapido partnership, please refer to the article on TechCrunch: https://techcrunch.com/2022/04/15/swiggy-rapido/
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