Rapido, a Bengaluru-based bike taxi startup, has bagged ₹391 crore in a series B funding round led by WestBridge Capital, along with Nexus.
According to sources, the WestBridge Capital will be investing ₹222.6 crore and Nexus will be investing ₹56 crore among others.
The existing investors of the platform also participated in the round, which include Integrated Capital Growth Limited, BAce Capita, Shunwei Capital, Sabre Partners, Rashmi Kwatra.
Rapido was founded by Rishikesh SR, Pavan Guntupalli and Aravnind Sanka in 2015. The company has currently 10,000 active drivers, including women.
Anyone with a two-wheeler license, a bike, a vehicle registration certificate, and bike insurance can register themselves as a Rapido Captain.
The company claims that as of January 2019, it does 2.5 million orders a month and plans to grow to 20 million order by the end of 2019.
Some of the significant players in the similar category include UberMoto, Ola, Vogo, Gojek and many more.
Also read: Rapido acqui-hires Mumbai-based analytics startup Vahanalytics