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Facing problems each day to reach office on time? Don't want to travel with the group, want to go alone to the destination? Driver's not at home and meeting your friends outside is too urgent? Neither mom nor dad is ready to take you to your tutions at this point of time? Feeling bored alone and want to go outside?
Yes, now there is no need to worry anymore because Rapido has come to relieve all from their respective headaches. All you need to do now is to install the app and go anywhere in the city safely. Even during the night because everything can be tracked online. They are especially being funded by Westbridge Capital as the goal is to expand more.
Problems and facts are found everywhere!
Read the Rapido success story below and get to know more unknown facts.
Rapido - Company Highlights
| Startup Name | Rapido |
|---|---|
| Headquarters | Bengaluru, Karnataka, India |
| Sector | Mobility Tech |
| Founders | Pavan Guntupalli, Rishikesh SR and Aravind Sanka |
| Founded | November 2015 |
| Revenue/Turnover | Rs 92.2 crores ( operational revenue FY20) |
| Profit/Loss | (Loss) Rs 243.6 crore (FY20) |
| Total Funding | ~ $130.2 Million |
| Valuation | Rs 1,005 crore (as of August 2019) |
| Parent Organization | Roppen Transportation Services |
| Website | rapido.bike.com |
Rapido - About
Rapido - Founders And Team
Rapido - Startup Story
Rapido - Business Model
Rapido - Revenue Model
Rapido - Tagline, Slogan And Logo
Rapido - Funding And Investors
Rapido - Growth
Rapido - Competitors
Rapido - Future Plans
Rapido - About
This is a Bangalore based Indian online bike taxi aggregator which was founded in the year 2015. It operates in 90+ cities across the country and also travels to various places in and around them. It has got more than 15000 registered riders a day.
Rishabh Rathi
Rapido - Founders And Team
Pavan Guntupalli, Rishikesh SR and Aravind Sanka are the founders of Rapido.
- Pavan Guntupalli is one of the co-founders of Rapido after being a co-founder of theKarrier. He pursued his studies at Indian Institute of Technology, Kharagpur. Along with native languages, he is also well-versed in Korean. Previously, he was a software developer in Samsung Research India.
- Rishikesh SR is also one of the co-founders of the company. He pursued his education from PES University. He is the founder of IMPStant and theKarrier. He also achieved 'best project of the year award'
- Aravind Sanka is the co-founder of both Rapido and theKarrier. He pursued his education from the Indian Institute of Technology, Bhubaneswar. Previously he was the Finance Business Partner in Flipkart.com.
Rapido - Startup Story
The foundation of Rapido dates back to theKarrier days, which was modeled on a logistics and supply-chain driven model that enabled their clients to seamlessly transport their belongings. Things were not bad for the company but according to Aravind Sanka, one of the co-founders of Rapido, they "quickly realized that shifting gears from B2B to B2C has more room for growth."
B2C meant that the company can no longer deal with trucks but has to shift to bikes to ease the transportation requirements of the customers because going for cars would again mean an added financial burden for the company, tons of competitions, facing traffic, and delays. Therefore, with the simple idea to ease the journey of the customers, they started working initially with 15-20 people, who sowed the seeds for Rapido and made the success of the business possible with hard work, persistence, and dedication.
The basic idea of the three founders was to hire people especially those who owned two-wheelers. Along with that, the founders wanted to bring up something new, which was way different from Ola and Uber as they invested heavily in vehicles. They believed in making an app like the Rapido captain app, that will help the two-wheeler owners to register themselves and verify their details with the company.
They thought Ola and Uber can never be affordable to all on a daily basis and the traffic in big cities is increasing every day. So they thought to dodge some of the obvious problems and plan for successful motorbike rides.
Rishabh Rathi
Rapido - Business Model
The app allows its users to book a ride after which a rider, known as captain, would arrive at the user's location. The fare of each ride depends upon how many kilometers the user has to go. One's those who want to perform as captains, have to register themselves through the Rapido captain app and get validated by submitting the required documents as mentioned above. Captains can use anything like scooters or motorcycles. However, there is a condition, which is that the vehicles have to be two-wheelers and can't be much older than 2010.
Krishna kumar
Rapido - Revenue Model
The revenue model of Rapido has got two main aspects. It claimed that in the year 2019 the company had a 13X jump in its revenue.
- One is commission-based. The company makes wealth by performing as a bridge between the two - captains and the ride seekers. The company charges 20% of the total fare as it's commission.
- The other one is a B2C commission. The company earns here via B2C logistics especially by helping logistics companies in delivering their commodities.
Brand advertisement is a must in all cases. It's a vital thing that not only helps the brands magnify their reputation but it also helps them to grow.
Rapido - Tagline, Slogan And Logo
The tagline of the company is Ride Solo. Aravind Sanka says here that 60% of the working public changes three modes of vehicles while commuting on a daily basis. The founders wanted something reliable, convenient and affordable for the common people to travel short distances so they came out with the tagline written above.
The colours included in the logo are white, yellow and black. It was designed by shoby cc on Dribbble.
Rapido - Funding And Investors
Rapido has raised $130.2 million in funding over 9 funding rounds as of August 18, 2021. In the last, Series C fundraising round of August 16, 2021, the company has raised $52 million via its existing and new investors.
| Date | Amount | Series | Investors |
|---|---|---|---|
| August 16, 2021 | $52 million | Series C | Westbridge Capital, Nexus, Yamaha |
| August 18, 2019 | $55 million | Series B | Westbridge Capital |
| April 23, 2019 | $11.2 million | Series A | Nexus Venture Partners |
| January 24, 2019 | $7.09 million | Series A | Astarc Ventures, India Technology Fund, Integrated Capital, Ka Wing Kevin Kwong, Skycatcher |
| March 1, 2018 | $4 Million | Series A | Skycatcher |
| November 21, 2017 | $288.09K | Venture Round | Skycatcher, Thompson Taraz Managers |
| September 25, 2017 | $370.2K | Venture Round | - |
| October 19, 2016 | - | Seed Round | AdvantEdge Founders |
| May 1, 2015 | $22.2k | Seed Round | - |
Rishabh Rathi
Rapido - Growth
The startup company is growing rapidly. The growth reflects in its financials. The Bengaluru-based company reported that a 12.5x jump in the revenue was seen in the previous year. The company earned interest income and capital gain on the sale of mutual funds. It aims to cross the million mark a day but already boasts of having 5,00,000 captains, who have served 10 million customers across 90 locations.
Rapido - Competitors
The competitors of Rapido are RideAmigos, GoKid, Vollo and GrabTaxi.
- RideAmigos specialises in transportation solutions, provide trip planners, trip-tracking and gamification. Transportation is their main priority
- GoKid's slogan is 'greener way to go'. It's the App for Kids CarPooling. It drastically reduces traffic and emissions to organise kid's carpools.
- Vollo is a startup company for bus searches, fast and easy travel and for booking. Especially it's a comparison tool for timetables and routes of various buses. Its mission is to serve the best to its users and make planning easier.
Rapido - Future Plans
The primary goal of the company is to keep their app updated along with adding newer and more interesting features that would make it more convenient for both the captains and the users. The founders are also thinking about reducing the rates. Moreover, they are looking to add fuel up their rides with something unique, which will allow the users to travel faster. Furthermore, they are also planning to include a subscription-based power pass for its regular customers. The intention is to make his/her rides more affordable.
Author: Purbalee Dutta
Source : https://startuptalky.com/rapido-success-story/
Date : 2021-08-18T07:07:00.000Z