Is it too necessary to meet your pals outdoors because the driver isn't at home? Do you want to go outside because you're bored at home? Yes, there is no need to be concerned any longer because Rapido has arrived to alleviate every one of their troubles. You only have to download the app and travel safely throughout the city. Rapido is an Indian online bike taxi aggregator based in Bangalore that got started in 2015. It operates in more than 90 cities around the country and travels to various locations within and surrounding those cities. Every day, it attracts around 15,000 registered motorcyclists.
Fun Fact : Rapido hopes to reach 1 million captains on its platform and currently has 5,00,000 captains serving 10 million customers over 90 locations.
Rapido - Key Highlights
- Founded - November 2015
- Founders - Pavan Guntupalli, Rishikesh SR and Aravind Sanka
- Headquarters - Bengaluru, Karnataka, India
- Sector - Mobility Tech
- Total Funding - ~ $130.2 Million
- Profit/Loss - (Loss) Rs 243.6 crore (FY20)
- Revenue/Turnover - Rs 92.2 crores (operational revenue FY20)
- Valuation - Rs 1,005 crore (as of August 2019)
- Parent Organization - Roppen Transportation Services
- Website – www.rapido.bike.com
Rapido – Story Behind the Startup
The three founders' fundamental concept was to hire people, particularly those who possessed two-wheelers. In addition, the founders intended to create something unique that was distinct from Ola and Uber in terms of vehicle investment. They planned to develop Rapido. Captain app that would allow two-wheeler owners to register and verify their information with the company.
They believed that Ola and Uber would never be cheap to everyone regularly and that traffic in major cities would only become worse. So, they devised a strategy to avoid some of the more apparent issues and plan for successful motorcycle rides.
Note : Last year, the Bengaluru-based company Rapido claimed a 12.5x increase in revenue.
Rapido Startup – Founders
- Pavan Guntupalli – Cofounder Pavan went to the IIT, Kharagpur, to further his education. He is fluent in Korean as well as his home languages. He formerly worked at Samsung Research India as a software developer.
- Rishikesh SR – Cofounder Rishikesh received his education from PES University, and he is the creator of the Karrier and IMPStant. He also won the prize for "best project of the year."
- Aravind Sanka – Cofounder Aravind attended the IIT, Bhubaneswar, for his schooling. He formerly worked at Flipkart.com as a Finance Business Partner.
Rapido Startup – Brand Tagline, And Logo
- Slogan - Ride Solo is the company's slogan. The founders sought something that would be dependable, convenient, and economical for ordinary people to travel small distances. Thus, they came up with the phrase above.
- Logo - White, yellow, and black are the colors used in the logo. On Dribbble, it got created by Shoby cc.
Rapido - Investors and Funding
As of August 18, 2021, Rapido had raised $130.2 million in fundraising across nine rounds. The company raised $52 million from existing and new investors in its most recent Series C investment round on August 16, 2021.
|August 16, 2021||Westbridge Capital, Nexus, Yamaha||$52 million||Series C|
|August 18, 2019||Westbridge Capital||$55 million||Series B|
|April 23, 2019||Nexus Venture Partners||$11.2 million||Series A|
|January 24, 2019||Astarc Ventures, India Technology Fund, Integrated Capital, Ka Wing Kevin Kwong, Skycatcher||$7.09 million||Series A|
|March 1, 2018||Skycatcher||$4 Million||Series A|
|November 21, 2017||Skycatcher, Thompson Taraz Managers||$288.09K||Venture Round|
|September 25, 2017||-||$370.2K||Venture Round|
|October 19, 2016||AdvantEdge Founders||-||Seed Round|
|May 1, 2015||-||$22.2k||Seed Round|
Rapido Startup Business Model – Affordable Two Wheeler Travel
Users can schedule a ride through the app, and a rider, known as a captain, will arrive at the user's location. The cost of each ride gets determined by the number of kilometers the user must travel. Those interested in serving as captains must register on the Rapido captain app and validate by submitting the relevant papers outlined above. Captains are allowed to ride on scooters or motorcycles. However, one stipulation is that the vehicles must be two-wheelers and no older than 2010.
Rapido's Revenue Model
Rapido's revenue model gets divided into two parts. First, it stated that the company's sales increased by 13 times in 2019.
- Commission Based - The company makes money by linking the two - captains and passengers looking for a ride. The commission charged by the company is 20% of the entire fare.
- B2C Commission - The company makes money here by providing B2C logistics, namely by assisting logistics providers with delivering their goods. In all circumstances, brand promotion gets required. It's an essential factor that helps brands improve their reputation and helps them expand.
Rapido – Competitors
The Competitors of the Rapido are:
Rapido Future Plans
Some of the upcoming plans of the company are as follows:
- The company's primary goal is to maintain its software up to date while also adding exciting new features to make it more useful for captains and users.
- The founders are also considering lowering the fees.
- Furthermore, they are looking to add something new to their rides to help passengers move faster.
- In addition, they intend to offer a subscription-based power pass to their regular clients. Again, the goal is to reduce the cost of their rides.