Bike taxi operator Rapido has received undisclosed amount of funding from a clutch of investors, including Hero MotoCorp Chairman Pawan Munjal, Google India head Rajan Anandan and early stage investment firms AdvantEdge Partners, Astarc Ventures and Tesellate Ventures among others.
“Rapido is a commendable initiative and has the potential to generate significant employment, besides making convenient motorised transport accessible to the masses. With their strong background and passion, I believe that the founders of Rapido are well positioned to deliver on their promise,” Munjal, who invested in his personal capacity, said Munjal, who invested in his personal capacity, said.
Other investors include People group founder Anupam Mittal, Smile Group Partners; former Flipkart chief business officer Ankit Nagori and Carnation Auto co-founder Kunal Khattar. The company, however, did not disclose financial details.
“The funds will be deployed for Rapido’s expansion into other cities and building up the team,” Rapido co-founder Aravind Sanka said.
At the moment, the company has a fleet of over 400 bikes across Bangalore, Gurgaon and Delhi. The number is set to touch 1,000 over the next two months, Sanka disclosed.
“Our investors will contribute not only by infusing capital but by sharing expertise in scaling the business,” he added.