Introduction:
In the South Asian country, where Uber and its domestic rival Ola dominate the taxi sector, eight-year-old India’s Bike Taxi Startup Rapido is Getting into the Cab Business is growing into that market.
Customers of Rapido could hail a ride on a three-wheeled auto rickshaw or a motorized motorcycle until recently. By including vehicles in the mix, the business has diversified its offers and may be able to grow its clientele. Additionally, it makes it stickier for current users who would have previously chosen to use Uber when they needed a lift in a vehicle.
“At Rapido, we’re excited to report that our Rapido Cabs test run in Hyderabad is doing well. The dynamic market of the city has welcomed us with open arms, and the encouraging feedback is quite encouraging. A Rapido representative told TechCrunch, “As we move forward, we are dedicated to keeping you closely informed about our progress and eagerly anticipate bringing our innovative services to other cities.”
According to a source who spoke with TechCrunch, Rapido wants to work with Zingbus to include intercity bus ticket booking into its app and provide taxi services. Rapido’s gross merchandise value would increase due to the cooperation, while Zingbus, situated in Gurugram, would get new clients.
India’s Bike Taxi Startup Rapido is Getting into the Cab Business:
Taxi Startup Rapido (Image Source: techcrunch.com)
Established in 2015, Rapido boasts over 25 million app installations and provides services to over 100 cities across India. As indicated by the data on its website, the company has amassed a subscriber base exceeding 10 million and has successfully executed over 100 million rides.
For a considerable period, Uber and Ola dominated the app-based taxi industry in India, jointly holding a 90% market share, establishing a duopoly. However, in recent months, the country has witnessed a shift. Mountain View, California-based inDrive, and locally developed BluSmart have entered the market with their all-electric fleets and distinctive haggling models.
Despite the abundance of taxis in India, due to the country’s cost-conscious populace, bike taxis are now available in major cities thanks to the efforts of companies like Ola and Uber. Rapido’s widespread presence makes it a good substitute for these businesses. The firm claims to have over a million bike drivers on its network, providing last-mile connectivity and reasonably priced intra-city transit.
Nevertheless, it is more difficult for all platforms to forecast their market expansion, given the ambiguity surrounding the laws governing bike taxis in the various Indian states.
Based on information accessible on Tracxn, Rapido has raised $324 million in total, with the most recent round of $180 million disclosed in April last year. Among its backers are the venture capital firms WestBridge, Shell Ventures, Nexus Venture Partners, and AdvantEdge. The Indian two-wheeler behemoth TVS Motor Company and food delivery aggregator Swiggy also support it.
