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Rapido, a bike taxi aggregator in India, stated on Monday it has raised $52 million in a brand new financing spherical because the six-year-old startup appears to be like to seek out house in a class dominated by Ola and Uber within 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 traders Pawan Munjal of Hero Group, Westbridge, Nexus Venture Partners and Everblue Management additionally participated within the spherical, which brings its to-date elevate to over $130 million.

Rapido affords its two-wheeler service in about 100 Indian cities. The startup says it has amassed over 15 million prospects and 1.5 million driver-partners who it calls captains. In current years, the startup has additionally expanded in three-wheeler house, which it says recorded a development of 4X since final yr in 26 cities the place it’s operational, and hyperlocal supply.

In an announcement, the startup stated its platform, which was hit by the coronavirus pandemic that prompted India to implement lockdown in a number of states, has already seen an 85% restoration. The startup attributed development partly to the rising e-commerce and hyperlocal supply alternatives in India.

“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,” stated Aravind Sanka, co-founder of Rapido, in an announcement.

He stated the startup hopes to broaden to serve 50 million prospects within the subsequent 18 months. The startup plans to additionally deploy capital to broaden its know-how stack — it’s trying to make strategic investments — and rent extra folks

The development of Rapido follows a shift in India’s mobility market, the place Uber and Ola flooded greater than a million cabs prior to now decade. In city cities, two-wheelers and three-wheelers have confirmed simpler as a result of they’ll zip by means of a lot quicker in visitors and are extra reasonably priced.

Both Ola and Uber have additionally expanded to two-wheeler and three-wheeler categories in recent times, inking partnerships with companies equivalent to Vogo and Yulu. Ola has moreover expanded into manufacturing of electrical autos. On Sunday, it launched its first electrical scooter, referred to as Ola S1, that’s priced at 99,999 Indian rupees, or $1,350. The electrical scooter affords a variety of 121 kilometers (75 miles) on an entire cost.

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