IIT Kharagpur
Foundation
IITKGP ka tempo high hai!

The journey from idea to execution is a dynamic and thrilling adventure where creativity meets action. It all begins with a spark—an idea that ignites imagination and hints at possibilities beyond the familiar. This nascent concept is nurtured through careful planning and thoughtful creation, transforming abstract thoughts into tangible plans and prototypes. As the vision takes shape, execution becomes the thrilling final act, where strategy and effort converge to bring the idea to life. This phase demands not just commitment and precision but also a willingness to adapt and refine.

The result is a vibrant manifestation of creativity and hard work, where an initial thought blossoms into a completed project, resonating with impact and success. This is the story of Rapido, a mobile application in transport mobility which has come a long way since its inception in 2015. The ride-hailing startup recently raised $120 million (about Rs 1,000 crore) in primary capital from existing investor WestBridge Capital, reaching a post-money valuation of $1 billion and thus joining the coveted unicorn club. Rapido has become the third unicorn in India this year, following Perfios and Ola founder Bhavish Aggarwal’s Krutrim AI.

Founded by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, Rapido had previously raised $180 million in a Series D funding round in April 2022, led by Swiggy, valuing the startup at $800 million. To date, Rapido has raised about $430 million. Pavan Guntupalli, an alumnus of IITKGP (2012/B.Tech/EE)​, has been a key figure in the company's success. Before Rapido, he worked as a software developer at Samsung Research India and co-founded Roppen Labs.

Recently, the company announced new expansions and strategic moves. The investor, WestBridge Capital, injected fresh capital through its related entities – Setu AIF Trust, Konark Trust, and MMPL Trust. Rapido, originally an auto and bike taxi aggregator, has now ventured into cab services and plans to expand its auto and cab offerings to newer cities across India. Analysts project that the Bengaluru-based company may raise an additional $20 million from global investors.

Rapido is committed to enhancing urban mobility solutions. With over 10 lakh bike taxi riders and around 20 lakh weekly rides, it has become a significant player in Karnataka’s transportation ecosystem. The company hopes that the Karnataka government will adopt a comprehensive approach in line with the Motor Vehicles Act and recent advisories by the Ministry of Road Transport and Highways, which support the grant of contract carriage permits to two-wheelers.

Rapido, like its rivals Ola and Uber, has introduced subscription-based plans for auto-rickshaw drivers on its platform, eliminating the need for a booking fee or commission on every transaction. Additionally, it has expanded into hyper-local parcel delivery and cab services, aiming to offer a full spectrum of ride-hailing options.

With continued investment and strategic expansion, Rapido is on track to reduce its monthly burn rate and achieve operational profitability by the end of FY25. The company’s operating revenue surged threefold to ₹443 crore ($53 million) during FY23. This growth trajectory and innovative approach to urban transportation reaffirm Rapido's position as a leading ride-hailing service in India.