- Rapido reaches unicorn status through innovative bike-taxi model.
- Swiggy partnership fuels growth.
- Traditional ride-hailing faces competition.
India’s bike-taxi startup Rapido has joined the unicorn club, securing a $120 million Series E funding round led by WestBridge Capital.
This investment propels the 8-year-old company’s valuation to $1 billion, marking a significant milestone in its journey.
Challenging the status quo
Rapido’s success stems from its focus on two-wheeler transportation, a strategy that has allowed it to navigate India’s congested urban centers more effectively than traditional cab services.
The approach has positioned Rapido as a formidable challenger to the Uber-Ola duopoly in India’s mobility sector.
Swiggy’s secret weapon
The startup’s partnership with food delivery giant Swiggy has been mutually beneficial.
Rapido provides Swiggy with additional delivery capacity, while Swiggy offers Rapido’s drivers more work opportunities.
Rapido wants to strengthenSwiggy’s position against rival Zomato in the competitive food-delivery market.
