Rapido, a bike taxi platform, raised $52 million in its most recent round of funding. Shell Ventures, Yamaha, Kunal Shah (Founder, CRED), Amarjit Singh Batra (CEO, Spotify India), and Positive Moves Consulting are among the startup's new investors.

Existing investors such as Hero Group's Pawan Munjal, Westbridge, Nexus Venture, and Everblue Management took part in the round.

The company stated that the cash would be used to invest in technology, people, and supply in order to accelerate its expansion in India and make affordable transportation a reality for the general public.

"Even though our product and business model are lucrative and have the potential to churn out an exceptional revenue, this fundraising indicates more of the investors' confidence in us than the need for capital," Rapido Co-founder Aravind Sanka said in a statement.

He added, "From 15 million users in the last two years, we now plan to increase that number to 50 million in the next 18 months and continue providing affordable transportation for the masses."

Rapido is currently present in over 100 locations across India. According to a top firm executive, it has experienced a good comeback in its operations over the previous few months and expects business to double by the end of March 2022 from pre-COVID levels.

Sanka stated that Rapido Rental has been introduced in six cities: Bengaluru, Delhi-NCR, Hyderabad, Chennai, Kolkata, and Jaipur.

Riders can schedule rides for 1-6 hours and the service will be available in a variety of packages based on time.

According to him, the renting concept arose from a study of client usage statistics. Rapido Rental was released in the first Tier-I cities after the firm developed an MVP (Minimal Viable Product) to validate the data.