Xiaomi May Invest up to $75 Million in Bike Taxi Aggregator Rapido: Report

Bengaluru-based bike taxi services provider, Rapido, is said to be in talks with Chinese tech giant, Xiaomi, to raise $75 one thousand thousand (around Rs. 550 crore) in funds as part of its adjacent round of funding that could meet the visitor being valued at around $300-$350 million (around Rs. 2,000-2,500 crore). According to ET, Rapido might raise around $100 million in this circular with additional funding from a number of other investors, including existing ones like Red china'southward Shunwei Upper-case letter, as well every bit new ones that are yet to be named.

According to a source quoted by the publication, "Rapido is growing really fast and while they are non reaching profitability, they have withal been able to maintain margins well". There's no give-and-take on who all are interested to invest in this round autonomously from Xiaomi and Shunwei, but the company is said to have earlier raised almost $55 1000000 at a valuation of close to $150 million from investors like Westbridge Capital, BAce Capital and Nexus Venture Partners. The company is too believed to take received substantial investments from Hero MotoCorp chairman, Pawan Munjal, and quondam Google India head, Rajan Anandan.

In instance you don't know information technology already, Rapido is an online bike taxi aggregator (Android, iOS) founded in 2015 by three IIT alumni, Aravind Sanka, Rishikesh S R and Pavan Guntupalli. It originally started operations in Bengaluru before expanding to around fourscore-xc cities effectually the state. Contempo reports suggest that the company is currently doing more than 5 million rides per day, which is a significant increase from the 30,000 daily rides information technology was reportedly offering on an boilerplate late terminal yr.

Source: https://beebom.com/xiaomi-invest-bike-taxi/

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