Rapido plans to use the funding to further develop its technology. Here are the top-line bullets you need to know.
Rapido, a bike taxi provider, has raised $180M in a Series D. The round drew participation from Swiggy, Shell Ventures, TVS Motor Company, Nexus Ventures, and Westbridge Capital.
How’s the company performing?
- India-based Rapido enables mobile users to book bike taxi rides.
- The company currently caters to more than 25M customers and expects to reach 50M customers by next year.
- The startup currently has about 1.5M driver-partners.
- Rapido operates across approximately 100 cities in India.
Source: Rapido
Why does the market matter?
- The global mobility as a service (or MaaS) market is expected to reach a value of $70.4B by 2030, growing at a CAGR of 31.1%, according to Markets and Markets.
- Key factors contributing to market growth include the development of 4G and 5G networks, the increasing penetration of smartphones, the need to reduce CO2 emissions, and growing urbanization and smart city initiatives.
