Bike taxi startup Rapido raised around $177.5 million in funding led by food delivery aggregator Swiggy where new investor TVS Motors. Apart from them, Rapido’s existing investors – WestBridge Capital, Nexus Ventures, Shell Ventures – also participated.
Rapido, India's first and fastest-growing bike taxi app, has over 25 million app downloads. The news comes almost two months after media reports claimed Swiggy was in talks to lead Rapido's funding round. Swiggy is expected to have a 30% stake in Rapido. The new round of funding comes nearly eight months after the company raised $52 million in its Series C round.