India’s bike taxi startup Rapido raises $10m round led by HK’s Integrated Capital

Photo from Rapido's Facebook page

Hong Kong’s multi-strategy private investment office Integrated Capital has led a $10-million funding round for Indian bike taxi startup Rapido.

The fresh round of funding was joined by existing investors Skycatchr, AdvantEdge and Astrac Ventures.

The Bengaluru-based startup plans to use the funds to expand its domestic operations, with a target of reaching 25 cities by the end of the year. At present, Rapido claims to process 2.5 million orders a month and plans to grow to 20 million orders by the end of 2019.

Founded by Rishikesh SR, Pavan Guntupalli and Aravind Sanka in 2015, Rapido says it has 10,000 active “captains” — what it calls its drivers — including women.

“India’s ride-sharing is beyond four-wheelers and we see two-wheeler ride-sharing is unlocking new customer base in India by bringing convenience at an affordable price,” said Jeffrey Yam, Principal Investments at Integrated Capital.

Rapido had earlier raised an undisclosed amount of investment from the promoter of Indian two-wheeler giant Hero MotoCorp in 2016. Early-stage investment firms AdvantEdge Partners and Astarc Ventures had also participated in the round.

Bike taxis are common in Southeast Asian countries such as Indonesia, Vietnam and Thailand and some African markets. In India, other startups in this space include Baxi and Delhi-NCR-based Bixxie. Ride-hailing majors Ola and Uber have attempted to get into the space but have not been very successful so far.

In the two-wheeler sharing space most recently, Bengaluru-based dockless scooter sharing platform Bounce, which had acquired the assets of the Indian arm of Chinese cycle sharing venture Ofo, raised a $7-million round led by Sequoia India, Chiratae Ventures and Accel India.

Prior to that, another scooter sharing platform Vogo had raised $100 million in funding led by Ola.

Also Read:

India: Hero Motocorp’s Pawan Munjal sees an Uber in two-wheelers

Ola makes $100m strategic investment in scooter-sharing startup Vogo

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.