Rapido has raised $177.5 million in a fundraising round headed by Swiggy. The round also saw participation from another new investor TVS Motors. Apart from them, Rapido’s existing investors, WestBridge Capital, Nexus Ventures, and Shell Ventures, also infused capital in the round.

While Swiggy contributed $124.6 million in return for 1,99,948 Series D CCPS and ten equity shares, TVS Motors contributed $15 million. Nexus Ventures put up the rest of the money after WestBridge Capital put in $30 million. Swiggy is likely to own a 15 per cent share in Rapido due to this investment. Swiggy now owns 1,99,958 shares in the company.

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Founded in 2015 by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, Rapido claims to have a presence in more than 100 Indian cities with more than 15 million customers and 25 million app downloads to date. The startup offers bike taxis, auto services and peer-to-peer delivery services for essentials, such as food and medicines.