Hong Kong's Integrated leads $10m round for India's Rapido

Existing investors Astarc Ventures, Skycatchr, and AdvantEdge also took part in the funding round, according to a report by VC Circle shared on Rapido's Twitter feed. The company will use the new funding to expand its operations, aiming to reach 25 cities by the end of the year.

Rapido's app allows users to book two-wheeler drivers for short trips in multiple languages, including Hindi, Tamil, and English. It currently operates in 16 cities, and claims to process 2.5 million orders per month, mainly by users booking rides for their daily commute. Rapido provides insurance and head protection for all passengers and mandates safety training for drivers.

Competitors to Rapido include ride-hailing app operators Ola and Uber, both of which have introduced motorbike taxi services in India. Smaller companies have found it difficult to achieve scale in the space due to regulatory hurdles and operational challenges. Baxi, a competitor backed by Waterbridge Ventures, pivoted to a hyperlocal grocery delivery model last year.

Integrated Capital invests across multiple strategies, including private equity, venture capital, and private credit transactions. Its India investments include a $12 million funding round for teahouse chain Chaayos last year alongside SAIF Partners and Singapore-based growth stage investment firm Pactolus.

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• Topics
• South Asia
• Technology
• Consumer
• Early-stage
• India
• TMT
• Transportation