Rapido recently raised $200 million in funding led by existing investor WestBridge Capital, raising its valuation to $1.1 billion.
Ride-sharing unicorn Rapido is set to convert its Delhi-based bike-taxi service to an all-electric fleet within the next year, according to a report by Money controlThis initiative will be further enhanced by partnerships with companies such as Zypp Electric and Gogoro, according to Arvind Sanka, co-founder and CEO of Rapido, in the report.
This initiative is in line with the accelerating adoption of electric vehicles in Delhi, driven by the state’s electric vehicle policy.
The report quotes Sanka as saying, “In some cities, we will be going 100% electric in the next year. For example, in Delhi, we will be going 100% electric in the next year. 25 per cent of our bike taxi services are already electric there and we will slowly move to other states as well,” Sanka said.
This transition could potentially position Rapido as a pioneer in the bike-taxi industry, especially as rivals like Ola and Uber explore green alternatives.
Rapido’s strategic alliances in electric vehicles
Rapido collaborates with OEMs and fleet operators such as Zypp Electric and Gogoro. The company also operates its own fleet of electric vehicles in the Bengaluru three-wheeler sector.
According to the report, Sanka said that if fleet operators are available, the company buys from them and helps drivers acquire the vehicles. If there are no EV operators in a particular city, it provides drivers with their own EVs, he said.
Rapido moves towards fast commerce
Rapido is expanding into the fast-commerce sector, focusing on hyperlocal deliveries. The company has recently partnered with Zepto, Pincode and KPN Farm Fresh, according to the report.
Founded in Hyderabad in 2015 by Sanka, Pavan Guntupalli and Rishikesh SR, Rapido initially focused on auto and bike-hailing services before expanding into taxis. Over the past nine years, the company has created more than seven million jobs.
Recently, Rapido secured a $200 million funding led by existing investor WestBridge Capital, which raised its valuation to $1.1 billion. In July, Rapido was reported to have joined the unicorn club following a $120 million (Rs 1,000 crore) Series E funding round, also led by WestBridge Capital.
First published: September 17, 2024 | 1:23 PM IS
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