Bike taxi platform Rapido has raised $52 million in a round of funding. The round saw new investors like Shell Ventures, Yamaha, Kunal Shah- founder of CRED, Amarjit Singh Batra- CEO of Spotify India and Positive Moves Consulting.

Rapido will use these fresh funds in investing in innovations, technology, people, and supply. This will help them to boost its growth in the country and make affordable transportation. “We are dedicated to providing India with an affordable, accessible and safe commuting option,” Aravind Sanka, Co-founder, Rapido said.

The accelerated climb of commerce and hyperlocal delivery has driven Rapido’s development into on-demand logistics with Rapido Local and Rapido Store. The company’s Auto service started in 26 cities has also registered a growth of 4X, and Rapido has observed a substantial recovery of 85 per cent compared to pre-Covid.

“Even though our product and business design are profitable and have the potential to beat the unusual revenue, and this fundraising displays investors confidence in us than the demand for capital. From 15 million users in the last two years, we are now planning to raise it to 50 million and continue providing affordable transportation for the people,” Sanka said.