Ride-hailing platform Rapido has achieved a significant milestone, crossing a Gross Merchandise Value (GMV) of $1 billion. This impressive feat marks a three-fold increase from FY23, when the Bengaluru-based company reported a GMV of nearly $300 million, The Economic Times reported.
Originally starting as a bike-taxi service, Rapido has diversified its offerings to include cabs and auto-rickshaws, while expanding its presence to 100 new cities across India. The company’s rapid growth was further underscored by its entry into the Unicorn club in late July, following a successful $120 million funding round led by WestBridge Capital. This investment has increased WestBridge Capital’s stake in Rapido to 25.6%, according to Tracxn data.
Earlier, Rapido had raised $180 million in April 2022, with notable participation from Swiggy and TVS Motor Company, boosting the company’s valuation to $830 million.
Founded in 2015 by Pavan Guntupalli, Aravind Sanka, and Rishikesh SR, Rapido has grown to serve over 10 million customers and completed more than 100 million rides. The platform has also seen significant user engagement, with over 25 million app downloads and over 1 million partner drivers, known as ‘captains’.
In addition to its core ride-hailing services, Rapido has ventured into on-demand delivery with Rapido Box, offering pick and drop services for various items including food and medicines. The company recently hit a new milestone of securing two million ride orders in a single day.
With its continued expansion and innovation, Rapido has positioned itself as the third-largest player in the ride-hailing sector, following Uber and Ola, and holds a substantial market share in the bike-taxi segment.
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