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Synopsis
The latest Swiggy-led funding round put Rapido’s valuation around USD830 million. This is impressive for a startup that survived on just USD2 million in the first three years and rode out high mortality in the bike-taxi segment. Now the challenge is in proving small is big. In other words, to show that small-ticket rides can create a formidable mobility business.
“One thing we are good at is not dying.” Rapido’s co-founder and CEO Aravind Sanka can afford a self-deprecating one-liner to describe the company’s seven-year ride. Having survived near-death scenarios a number of times, it is now at the threshold of becoming a unicorn, with nearly USD200 million in the bank and USD830 million valuation. Rapido is the only bike-taxi startup to make it this far. From 2015 to 2017, some three dozen startups
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