Rapido, the bike-taxi company founded by Aravind Sanka, has secured a new $600 million funding round, which is set to value the company at approximately $3 billion. The round, comprising both primary and secondary transactions, is led by Dutch investor Prosus, along with participation from Accel India and WestBridge Capital.
Notably, Prosus and Accel India have acquired a stake in Rapido from Swiggy, the food and grocery delivery giant, which previously held a 12% share in the bike-taxi company. Rapido’s growth trajectory is further emphasized by BofA Global Research data, revealing a significant increase in monthly active users compared to key competitors Uber and Ola.
In parallel news, the quick-commerce sector has experienced heightened demand for induction cooktops, leading to stock shortages on major platforms like Amazon, Zepto, Swiggy, and Blinkit. Blinkit, owned by Eternal, offered discounts of up to 72% on induction cooktops, while Swiggy’s Instamart rolled out discounts of up to 60% on kitchen hobs to meet consumer needs.
Source: Tech-Economic Times