Rapido has raised $180 million in its Series D funding round. The round was led by foodtech unicorn Swiggy. The TVS Motor Company, Westbridge, Shell Ventures, and Nexus Ventures at a reported valuation of $800 million have also participated in the pool.
Prior to this funding, Rapido had raised $52 million in its funding round that held in August 2021.
The company will utilize this latest funding following ways:
Rapido analyzed that it has recorded a growth of 2.5 times to pre-pandemic levels. Rapido was founded by Aravind Sanka and Sriharsha Majety.
Rapido Co-founder Aravind Sanka said, “We look forward to learning from Swiggy’s experience to scale up throughout the country and enhance our captains’/customers’ experience. TVS Motor, which is very passionate about EVs and the future of mobility, will help us in further expansion.”
Swiggy Co-founder and CEO Sriharsha Majety said, “Swiggy and Rapido share a vision to build a logistics platform that empowers riders through more opportunities and higher earnings. While we’ve already been working together, this investment facilitates closer alignment to leverage the synergies between the platforms and improve the value we provide to both consumers and delivery executives/captains across the country.”
TVS Motor Joint Managing Director Sudarshan Venu said, “By partnering with like-minded companies we believe there is an opportunity to play a greater role in this. TVS Motor has always been at the forefront of driving the mobility transformation and today, we are glad to partner with Rapido.”