India-based bike-taxi firm Rapido has raised US$180 million in a series D round led by a new investor: Swiggy, the SoftBank-backed food delivery giant.
TVS Motor Company, Westbridge, Shell Ventures, and Nexus Ventures also participated in the round.
Photo credit: Rapido
Rapido will use the fresh capital to bolster its technology and expand its teams across verticals. The company said that the improvements will help increase overall supply and consumer experience across the cities it operates.
The funds will also be invested in its bike taxi, auto, and delivery categories. Rapido will also focus on improving the earnings of riders who facilitate on-demand transportation services as well as the delivery of packages.
On onboarding Swiggy, Rapido said that the collaboration between the two firms will also provide additional earnings for their riders.
Sriharsha Majety, Swiggy’s co-founder and CEO, said in a statement while both companies have already been working together, the investment “facilitates closer alignment to leverage the synergies between the platforms” and improves the value that both companies can offer to its consumers and workers.
See also: The rise of quick commerce in Indonesia
Editing by Deepti Sri and Eileen C. Ang
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