Bike-taxi platform Rapido on Monday said it has raised USD 52 million (around Rs 385 crore) in the latest round of funding. The company said it received funding from new investors including Shell Ventures; Yamaha; Kunal Shah, Founder,CRED; Amarjit Singh Batra, CEO, Spotify India; and Positive Moves Consulting. The round also witnessed continued support from existing investors – Pawan Munjal of Hero Group; Westbridge; Nexus Venture; and Everblue Management, it added.
The company noted that it would utilise the funds to invest in technology, people, and supply to further boost its growth in the country and make affordable transportation a reality for the masses.'Even though our product and business model are lucrative and have the potential to churn out an exceptional revenue, this fundraising indicates more of the investors' confidence in us than the need for capital. 'From 15 million users in the last two years, we now plan to increase that number to 50 million in the next 18 months and continue providing affordable transportation for the masses,' Rapido Co-Founder Aravind Sanka said in a statement. Rapido currently has a presence in around 100 cities across the country.