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Rapido (company)

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Rapido
Roppen Transportation Services Private Limited
FormerlytheKarrier
Company typePrivate
IndustryTransportation
Founded2015; 9 years ago (2015)
FoundersAravind Sanka
Pavan Guntupalli
SR Rishikesh
Headquarters
Bangalore, Karnataka
,
India
Number of locations
100+ cities (2022)
Area served
India[1]
ServicesBike taxi
Auto rickshaw
Taxicab
Third-party logistics
RevenueIncrease ₹473 crore (US$57 million) (FY23)[2]
Websiterapido.bike

Rapido is an Indian ride-hailing service, which primarily operates as a bike taxi aggregator. Its offerings also include auto rickshaw and taxicab hailing, parcel delivery, and third-party logistics services.[3] Founded in 2015, the company is based in Bangalore and operates in over 100 cities, but has run into legal troubles in several locations where bike taxis are not legal.[4]

Rapido raised $200 million in funding led by WestBridge; valuation hits $1.1 billion

History

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The company was founded in 2015 as theKarrier[5] by two IIT alumni and a PESU alumni – Aravind Sanka, Pavan Guntupalli, and SR Rishikesh.[6] In September 2018, reports were that Rapido has over 15,000 registered riders, with average rides of 30,000 per day.[7] Subsequently, Hero MotoCorp chairman Pawan Munjal and former Google India head Rajan Anandan picked up stakes in the company.[8]

In 2019, Rapido co-founder Aravind Sanka claimed that the company has created more than 500,000 jobs in India.[9] In November 2019, the company claimed to have 1 crore registered users.[5]

After the breakout of COVID-19 pandemic, Rapido expanded its operations in logistics, providing last-mile delivery of goods for local businesses and e-commerce companies.[10][11] In October 2020, Rapido launched on-demand auto rickshaw hailing services.[12]

In April 2022, the company received $180 million in a funding round led by Swiggy, raising the company's valuation to $830 million. The Series D round of funding also saw participation of TVS Motor Company, Westbridge, Shell Ventures, and Nexus Ventures.[13][14]

In 2023, Rapido introduced taxicab hailing on its app.[15]

In September 2024, the company raised $200 Million in Series E at $1.1 Billion valuation thus making it an unicorn company.[16]

Business model

[edit]

The Rapido app allows the user to book a ride, after which a rider (called "Captain") arrives at the location. The fare includes a base fare of ₹20 in addition to ₹3 for every kilometer of the ride.[17][18][19] The "Captains" need to register through the Rapido-Captain app and get validated by submitting the required documents. They can use motorcycles, scooters, or e-bikes, but the vehicle cannot be older than 2010.

[edit]

Rapido has run into legal troubles in various cities. In October 2018, several bikes were seized in Coimbatore as Rapido was operating without a permit from the transport department.[20] In July 2019, Madras High Court banned Rapido's operations across Tamil Nadu,[21] while Rapido iOS application was removed from the App Store for violating local laws.[22] In August 2019, the court lifted the ban and allowed the company to resume services in the state until the state government framed new regulations for bike taxi services.[23]

In February 2019, more than 200 bike taxis belonging to Rapido and Ola Cabs were seized in Bangalore as the state transport department declared bike taxis to be illegal.[24] In April 2019, more than 170 Rapido bikes were impounded and an investigation was launched against Rapido by the city cyber crime police.[25] Despite the ban, the company was reported to be illegally operating in Bangalore, with Rapido Captains disguised as food delivery executives.[26]

In February 2020, Rapido was banned across Assam, after the transport department found that the company was operating without commercial license or permit from the DTO.[27] In October 2020, shortly after it commenced operations in Mumbai, the city's transport authorities asked the company to stop its services as it was operating without the government's permission.[28]

In January 2022, RTO officials in Bangalore seized over 120 Rapido bikes, after receiving complaints from the city's cab and auto rickshaw unions.[29] In February 2022, Pune RTO officials seized 65 motorbikes belonging to Rapido riders, declaring bike taxi operations to be illegal in the state of Maharashtra.[30]

News

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References

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  1. ^ "Bike-taxi service Rapido to double its presence to 150 cities in 6 months". The Hindu Business Line. Retrieved 3 November 2019.
  2. ^ "Rapido posts Rs 443 Cr revenue in FY23; losses surge 54%". EnTrackr. 13 January 2024.
  3. ^ "Rapido shifts focus to logistics; sees 25% business recovery and aims for 1.5x growth next year over FY20". Business Insider. Retrieved 4 December 2020.
  4. ^ "Rapido targets to more than double user base". The Hindu. 7 January 2022. Retrieved 29 April 2022.
  5. ^ a b "Startup Street: Rapido Begins Its Delhi City Service Amid Odd-Even Curbs". Bloomberg. Retrieved 3 November 2019.
  6. ^ "Indian Motorbike-Taxi Service Rapido Aims To Reach 1 Million Rides Each Day In 2019". Forbes. Retrieved 4 April 2019.
  7. ^ "Bike taxi app Rapido to launch new features for visually-challenged commuter". The Hindu. Retrieved 4 April 2019.
  8. ^ "Pawan Munjal, Rajan Anandan invest in bike taxi operator Rapido". Economic Times. Retrieved 4 April 2019.
  9. ^ "We took a bold step to focus on tier-2 cities". Livemint. Retrieved 3 November 2019.
  10. ^ SH, Salman (22 June 2020). "Bike taxi startup Rapido launches logistics service for businesses". mint. Retrieved 4 December 2020.
  11. ^ Mukherjee, Sharmistha. "Rapido turns to hyperlocal delivery now". The Economic Times. Retrieved 4 December 2020.
  12. ^ SH, Salman (15 October 2020). "Bike taxi app Rapido forays into on-demand autorickshaw service". mint. Retrieved 4 December 2020.
  13. ^ "Rapido raises $180 mn in funding round led by Swiggy, TVS Motor". www.fortuneindia.com. Retrieved 19 April 2022.
  14. ^ Singh, Manish (15 April 2022). "Swiggy backs bike taxi platform Rapido in $180 million funding". TechCrunch. Retrieved 15 April 2022.
  15. ^ Singh, Jagmeet (27 October 2023). "India's bike taxi startup Rapido is getting into the cab business". TechCrunch. Retrieved 26 November 2023.
  16. ^ Sharma, Samidha (5 September 2024). "Rapido raises $200 million in funding led by WestBridge; valuation hits $1.1 billion". The Economic Times. ISSN 0013-0389. Retrieved 11 September 2024.
  17. ^ "Bike ride, a click away". The Hindu. Retrieved 4 April 2019.
  18. ^ "Rapido kick-starts its operations in Warangal". Telangana Today. Retrieved 4 April 2019.
  19. ^ "Rapido plans to launch "power pass" for regular commuters". Economic Times. Retrieved 4 April 2019.
  20. ^ "Bike taxi service runs into dead end". Times of India. Retrieved 4 April 2019.
  21. ^ "Explainer: Why bike sharing app Rapido has been banned across Tamil Nadu". The News Minute. Retrieved 3 November 2019.
  22. ^ Upadhyay, Harsh (19 July 2019). "Rapido app lifted from Apple app store following Madras HC ban order". Entrackr. Retrieved 28 December 2020.
  23. ^ Correspondent, Legal (2 August 2019). "Rapido can continue operations in T.N.: HC". The Hindu. ISSN 0971-751X. Retrieved 7 December 2020. {{cite news}}: |last= has generic name (help)
  24. ^ "Bike taxis are illegal says Karnataka transport dept, impounds 200 bikes". The News Minute. Retrieved 4 April 2019.
  25. ^ "Bad news for Bengaluru commuters: RTO officials issue notice to Rapido for 'illegal bike taxi service'". Asianet. Retrieved 28 December 2020.
  26. ^ "Bike taxis hide behind aggregators, operate illegally under the radar". New Indian Express. Retrieved 30 April 2020.
  27. ^ "Assam Transport Department bans Rapido-Bike Taxi Service in Guwahati, Office sealed". The Sentinel Assam. Retrieved 16 April 2020.
  28. ^ "RTO asks Rapido to shut bike taxi service". Mumbai Mirror. Retrieved 28 December 2020.
  29. ^ Mathew Philip, Christin (1 February 2022). "120 bike-taxis seized in four hours in Bengaluru, Rapido cries foul". The Times of India. Retrieved 29 April 2022.
  30. ^ "Pune RTO Seizes 65 Motorcycles Being Used For Bike Taxi By Rapido". Punekar News. 5 February 2022. Retrieved 29 April 2022.
  31. ^ Shivangini (6 December 2023). "Rapido launches cab services to race with Uber, Ola". mint. Retrieved 26 April 2024.
  32. ^ Desk, CXOtoday News (7 February 2024). "Rapido Collaborates With ONDC for Seamless CMRL Metro Ticket Bookings". CXOToday.com. Retrieved 26 April 2024. {{cite web}}: |last= has generic name (help)
  33. ^ Raghavan, Ranjani (4 April 2024). "Westbridge Capital likely to double down on Rapido". mint. Retrieved 26 April 2024.
  34. ^ "Lok Sabha elections 2024 Bengaluru: Rapido offers free rides to senior citizens, differently-abled voters in city". Hindustan Times. 25 April 2024. Retrieved 26 April 2024.
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