Bengaluru-based ride-hailing startup Rapido is raising ₹125 crore (approximately $15 million) from Nexus Venture Partners, according to regulatory filings accessed recently. The funding boost is part of Rapido’s ongoing Series E round, which also includes a previously reported ₹250 crore (around $28.9 million) investment from Prosus.
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The fresh capital infusion comes at a pivotal moment as Rapido prepares to launch its new food delivery vertical, branded as ‘Ownly’, marking its entry into India’s highly competitive quick-commerce and food logistics space. The strategic move will pit Rapido against established players like Zomato, Swiggy, and newer entrants such as Zepto and Blinkit, who are already experimenting with hybrid models that combine groceries and food delivery.
Rapido, founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, began as a bike-taxi platform catering to urban commuters looking for affordable and time-saving options. Over the years, the company has diversified into auto-rickshaw services and local logistics, and is now betting on food delivery to expand its revenue streams and user base.
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With the fresh funds, Rapido is expected to bolster its delivery fleet, ramp up tech infrastructure, and possibly introduce aggressive promotional pricing to penetrate the market. The move also reflects a broader trend in India’s mobility startups diversifying beyond transport, tapping into the booming demand for last-mile delivery.
While the launch timeline for Ownly remains under wraps, insiders suggest the pilot may begin in select metro cities before a nationwide rollout later in the fiscal year.
