Hyderabad: One of the early movers in the on-demand bike-taxi aggregator space, Rapido aims to reach one million rides by end of this year. And this, according to its co-founder Pavan Guntupalli, will be possible because of the rapid expansion plan of getting into 40 cities even as it scouts for fresh round of investment. The Bengaluru-based startup that has 8,000 active users in Hyderabad with 80,000 registrations is looking to tap into the smaller cities and towns with its bike taxi service.
Started in 2016, Rapido helps in providing convenient mobility at affordable cost and wants to create a platform wherein anyone with a two-wheeler can share their bike to offer rides to customers. Currently present in 25 cities with 60 per cent of its rides coming in from tier-2 cities, the company does not have a fleet of its own and believes that their drivers or as they like to call them – captains – will lead their path to success. “We created a platform that can alter the lives of millions of people and India has 120 million two-wheelers plying on roads. So, we wanted to tap into this market and want to add value to two-wheeler drivers and provide affordable convenience to customers,” said Guntupalli.
The startup has 25,000 active captains and the profile of the drivers ranges from assistant professors to students who are mostly in the age group of 25-40 years and by end of this year it aims to have 1 lakh drivers on-board. On the other hand, it has 5,00,000 riders using the platform and aims to touch 10,00,000 riders by end of 2019. For each rider along with the helmet, it also provides a shower cap for hygiene.
The company has got an overall investment of about $7 million in the last three years of its operations. And the co-founder claims that they closed last month with $1 million revenues.