Rapido to convert Delhi bike-taxis to all-electric fleet by next year
Recently, Rapido secured $200 million in funding led by existing investor WestBridge Capital, bringing its valuation to $1.1 billion
Ride-hailing unicorn Rapido is set to transition its bike-taxi service in Delhi to an entirely electric fleet within the next year, according to a report by Moneycontrol. This initiative will be bolstered by partnerships with companies such as Zypp Electric and Gogoro, according to Arvind Sanka, Rapido’s co-founder and CEO, in the report.
This initiative aligns with Delhi’s accelerating adoption of electric vehicles, bolstered by the state’s EV policy.
The report quoted Sanka as saying, “In some cities, we will move to 100 per cent electric in the next one year. For example, in Delhi, we will be going 100 per cent electric in the next one year. 25 per cent of our bike-taxi services are already electric there and we will slowly move towards other states as well,” Sanka said.
This transition could potentially position Rapido as a pioneer in the bike-taxi industry, especially as rivals like Ola and Uber explore eco-friendly alternatives.
Rapido’s strategic EV partnerships
Rapido is collaborating with original equipment manufacturers and fleet operators such as Zypp Electric and Gogoro. Additionally, the company operates its own electric vehicle fleet in Bengaluru’s three-wheeler auto sector.
The report quoted Sanka as saying that if fleet operators are available, the company purchases from them and assists drivers in acquiring the vehicles. If there are no EV operators in a particular city, it provides drivers with its own electric vehicles, he said.
Rapido’s move into quick commerce
Rapido is expanding into the quick commerce sector, focusing on hyperlocal deliveries. The company has recently partnered with Zepto, Pincode, and KPN Farm Fresh, the report said.
Founded in Hyderabad in 2015 by Sanka, Pavan Guntupalli, and Rishikesh SR, Rapido initially focused on auto and bike taxi services before expanding into cabs. Over the past nine years, the company has created over seven million jobs.
Recently, Rapido secured $200 million in funding led by existing investor WestBridge Capital, bringing its valuation to $1.1 billion. In July, it was reported that Rapido joined the unicorn club following a $120 million (Rs 1,000 crore) Series E funding round, also led by WestBridge Capital.
First Published: Sep 17 2024 | 1:23 PM IST