Rapido to raise Rs 125 Cr from Nexus Ventures

Ride-hailing and delivery platform Rapido is set to raise Rs 125 crore (approximately $15 million) in a fresh funding round led by its existing investor, Nexus Venture Partners. This capital infusion comes as Rapido prepares to diversify its services and make a foray into the competitive food delivery market. The funds will be utilized for technology upgrades, marketing initiatives, and strengthening its operational capabilities for the new venture. Rapido, which started as a bike-taxi service, has been steadily expanding its offerings to include auto-rickshaw and cab services, as well as logistics. The move into food delivery will pit the company against established players like Zomato and Swiggy. This strategic fundraising effort underscores Rapido's ambition to leverage its existing large fleet of riders and extensive logistics network to capture a share of the lucrative food and hyperlocal delivery market in India.