Have you ever taken a ride in a Rapido? India’s first and foremost bicycle taxi service is distributed in most Tier I, II and III cities. Aravind Sanka, founder and CEO of Rapido met with 75 pitch rejections before getting his big break. The company was founded in 2015 with the IITians Pavan Guntupalli and Rishikesh SR.
So what was the common rejection point?
Investors weren’t keen on looking for something that could challenge the big boys: Ola and Uber. The latter two had already made their mark on the country with comfortable taxis and their own biking adventures. So how does Rapido fit into the picture?
However, in April 2016, Pawan Munjal, Hero MotoCorp President, CEO and CEO came to his aid. He suggested that this bike taxi alternative would be a great place to start in Tier II and III cities where people appreciated fast, affordable rides. He also asked Rapido how they would take female passengers into account.
What’s different about Rapido?
Rapido has also offered its services to both male and female motorcyclists. The pilot Kanta Chauhan was one of the first ‘captains’ to work under Rapido. Since her husband was unable to provide for their family physically, she decided to work for Rapido part-time. Thanks to the company, you can more easily reconcile your personal and professional life.
In the last 5 years, Rapido has become one of the names that resonates in India with Kanta admitting that many investors came back to them, who had previously rejected them. The company received more than $ 80 million in funding and has spread its wings in 95 cities in India. The CEO also counts a queue of nearly 5,000 trips each day due to its ease of convenience. For a 6 km trip, you would have to pay almost 50 dollars. Even less if you subscribed to their premium plan available in a monthly option.
Who would believe that a nonexistent segment could rise to glory within 5 years? It takes courage to try new things and we are glad that Rapido did what it takes.