Hyderabad based Bike taxi operator Rapido, run by Roppen Transportation Services Pvt Ltd has received a funding of Rs 2.14 crore (around $329K) in a fresh round of funding from US Based Skycatcher Fund and UK-based Thompson Taraz Managers, Aravind Sanka, co-founder at Rapido told a financial daily.
The bike taxi startup will be utilizing its funds to expand its geographical presence in the country, and strengthen its team.
Rapido had earlier raised a funding of $422K in a round led by US based Battery Road Digital Holdings LLC. The round saw participation from its existing investor Astarc Ventures and an undisclosed Indian technology fund as per the reports by VCCircle.
Earlier in June, the company was also in talks to raise a funding of about $3 million from a clutch of its existing and new investors.
“Rapido is a commendable initiative and has the potential to generate significant employment, besides making convenient motorised transport accessible to the masses,” said Hero MotorCorp Chairman Pawan Munjal in April 2016 during its fund raise.
The firm was founded by IIT alumni Sanka, Rishikesh SR and Pavan Guntupalli in November 2015.
(The development was first reported on VCCircle)