Rapido, an India-based online bike-taxi aggregator and logistics service provider is all set to raise $50 million funds in a fresh round from new and existing investors as it partners with various companies to fight the Covid situation in the country. The startup has joined hands with Zomato, Swiggy, BigBasket, Delhivery, Practo, Grab, Xpressbees, and Udaan to support them with last-mile connectivity and deliveries of essentials to the people staying or nursing at home.
These partnerships are live across Delhi NCR, Hyderabad, Bangalore, Chennai, Kolkata, Vijayawada, Tirupati, and Guntur. Mobility startups have beefacin difiicult time in the pandemic since April 2020. Besides the loss of business, they have been unable to raise fresh capital in the past year. However, bike-taxi and logistics startup Rapido is set to score a new round.
Proful Lall, VP, Corporate Affairs, Rapido “As the nation fights its worst-ever pandemic, lockdowns and restrictions have been put in place to ensure the safety of citizens across the nation. As one of the largest mobility services in the country, Rapido has partnered with few mobility services to support them with last-mile connectivity.”
Auto rickshaw services also pulled in.
Besides bike-taxi, it has also forayed into on-demand auto hailing service in December. Rapido has been enabling last-mile delivery for e-commerce companies for about two years. In a recent media report, Rapido claimed to have achieved about 75% of its pre-Covid volume. However, with the lockdown and curfew restrictions in cities such as Delhi, Mumbai, and Bengaluru, its business is likely to be disrupted again.
The new proceeds will help the Bengaluru-based company streamline its operations and score a lead on its competition, such as Ola Bike and Uber Moto. At present, Rapido provides bike- taxi services in close to 100 cities and has managed to get decent traction in smaller cities. It recently launched an hourly rental service in six major cities.
Commenting on the recent partnership, Lall added, “Rapido is supporting these partners in the delivery of medicines, essential groceries, and food from restaurants, helping small-scale industries stock up their inventory and finding more ways of contributing to the fight against COVID-19. We have undertaken all necessary measures to ensure the safety of our Captains and are proud of our on-ground COVID-19 Warriors working every day to ensure every citizen is staying home.”