Rapido makes it to Forbes 30 Under 30
What never grows old? The burning desire of youth to reinvent the world. That ambition and impatience is on full display in 2019 edition of the Forbes 30 Under 30. A culture of hustle maintains the belief that constant hard work and determination will lead to the greatest success. It’s about always being on top of your game and staying alert to the next opportunity you should grab or pursue.
It's a big day for us at Rapido as our Co-Founders have been featured on Forbes 30 Under 30 Asia in 2 categories: Consumer Technology and Big Money. A big thanks to each and every one of you who are being a part of Rapido family for your trust, love and support.
Founded in October 2015 by three IIT alumni, Aravind Sanka, Pavan Guntupalli and Rishikesh SR, India’s first bike taxi pooling service is now currently available in 40 cities across India. The idea was to provide economical, cost-effective, fuel-efficient and time-saving transport. The organization is currently focussed to tackle the issues that commuters face due to heavy traffic conditions, especially during the morning rush hours.
Ahead of other cab booking apps, Rapido Bike App is by far the most efficient iteration of taxi booking app for Indian roads offering the commuters an alternative option of a bike instead of a car or public transport to navigate through traffic snarls quickly and reach destination on time.
Co-founder Pavan Guntupalli says “Taxi hailing services like Ola and Uber cater to only 13-14 per cent of commuters in cities like Bengaluru, as many others choose alternative and affordable means of commuting. We identified that need-gap and were curious to figure a way out. With approximately 70 per cent of the motor vehicles being two-wheelers in Bengaluru alone, Rapido sighted a strong opportunity to seize and maximize it.”
Currently, the app is growing 30 per cent month-on-month with more than 1.5 lakh registered ‘captains’ on the platform. It offers 30,000+ daily rides with 10,000+ monthly drivers on-board. Apart from this, Rapido also stresses on employment opportunities for people. A captain can earn easily through a value-added “Redeem” feature on the app by linking it with his bank account for instant money transfer, unlike the cab drivers who have to wait for a weekly or monthly payment cycle.
Rapido’s customers, on an average, save 60 per cent-70 per cent of the costs and spend 30 per cent- 40 per cent less time in the traffic when compared to the cabs. The captains are trained professionals and the start-up also provides insurance on all rides.
Rapido had raised an undisclosed amount in pre-Series A funding from investors including Hero MotoCorp Chairman Pawan Munjal, Google India Managing Director Rajan Anandan and others. “We are currently in an advance stage of talks for the next round of funding,” said Aravind Sanka.
When asked about their success, Aravind Sanka says, “ It was all because of the support of the team.” He concluded by saying, “The future of India is a 2 wheeler. You would find more number of 2- wheelers instead of cars and public transport on the roads in coming 5 years.”