Rapido has allotted 55 equity shares for around ₹49 lakhs to Vahanalytics and another 38 Series A3 CCPS for around ₹34 lakhs to CBP Quilvest Trust, which is a Singapore-based investment group.
While, post acquisition, two co-founders of Vahanalytics will join Rapido as its employees, with a contract of two years. Both the cofounders will also receive ESOPs values at INR 37 Lakhs and INR 25 Lakhs, respectively.
Anyone with a two-wheeler license, a bike, a vehicle registration certificate, and bike insurance can register themselves as a Rapido Captain.
Vahanalytics, on the other hand, was founded by Shivalik Sen, Arun Gandhi, Nikhil Tavora and Someshwar Dash in 2016. It aims to address the global problem of on-road transportation efficiency, on a local scale and make drivers and roads better through smarter data and machine learning.
The Mumbai-based company also claims to have built a product that can seamlessly collect information on key driver metrics and identify bad drivers from the good through scientific analysis.
The platform claims to capture real time data about driving habits and road conditions using smartphones, which is then processed and refined by leveraging the power of big data in order to extract useful insights.