Every single vehicles that is sold within India at least six two-wheeled vehicles also are exchanged.
The ubiquity of motorbikes makes them seem like the obvious answer to India’s chronic problems of congested roads, limited public transport and poor last-mile connectivity. And it's also the reason why a slew of motorbike-taxi aggregators have been flooding the Indian market, following the success of such services like of Go-Jek and Grab in markets across Southeast Asia.
Bengaluru-based startup Rapido was one of the early movers in the sector. Started by three engineering grads, Aravind Sanka, 28, Pavan Guntupalli, 28, and S.R. Rishikesh, 26, the startup has managed to secure the backing of Indian motor bike maker Hero Motorcorp’s Pawan Munjal.
Rapido has raised $6 million in two rounds of funding so far. The founders say that revenues are $1.5 million per month and it’s operationally profitable in many of the 16 cities that it operates. Rapido has 15,000 bike “drivers” or “captains” on its platform and does 30,000 daily rides. It’s nearing two million cumulative app downloads since its founding in 2015. And it’s clocking 200,000 app downloads a month.
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