Bike taxi startup Rapido has raised $180 million in its latest Series D round of funding led by Swiggy. The company's valuation after the new round of fundraising has surged to $830 million.
Siwggy is a new investor in Rapido. The firms that have invested in the new round of funding include TVS Motor Company, along with existing investors, Westbridge, Shell Ventures, and Nexus Ventures, apart from Swiggy, which led the fundraising.
Rapido said in a statement that the new funds would be leveraged to bolster the company's technology and strengthen its teams across diverse sets of capabilities.
"This will fortify Rapido's presence to provide a convenient, safe, accessible, and affordable alternative mode of daily commuting," Rapido said.
Rapido said it will be "investing these funds in all its three categories, viz. bike-taxi, auto and delivery, to enhance its captain earnings and improve customer experience in 100+ cities the company operates in."
( With inputs from ANI )
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