Rapido, a bike taxi aggregator in India, said on Monday it has raised $52 million in a new financing round as the six-year-old startup looks to find space in a category dominated by Ola and Uber in the South Asian market.
The six-year-old startup’s new funding — Series C — was financed by Shell Ventures, Yamaha, Kunal Shah of CRED, Amarjit Singh Batra of Spotify India, and Positive Moves Consulting. Existing investors Pawan Munjal of Hero Group, Westbridge, Nexus Venture Partners and Everblue Management also participated in the round, which brings its to-date raise to over $130 million.
Rapido offers its two-wheeler service in about 100 Indian cities. The