Rapido Raises $180 Million in Series D Funding Round

Bike taxi startup Rapido has raised $ 180 million in a Series D funding round led by food tech giants Swiggy and TVS Motor along with the participation of its existing investors Westbridge, Shell Ventures, and Nexus Ventures.

With this funding round the financial value of the company stands at $830 million, according to sources. To date, Rapido has raised a total of more than $310 million.

With this funding, Rapido plans to improve technology, expand and strengthen its teams in various areas, and increase its overall offering in metros and Tier 1, 2, and 3 cities.

Sriharsha Majety, the co-founder and CEO of the company has said, "Swiggy and Rapido share a vision to build a logistics platform that empowers riders through more opportunities and higher earnings." He further said that this investment facilitates closer alignment to leverage the synergies between the platforms and improve the value the platform provides to both consumers and delivery executives across the country.