Indian online bike taxi aggregator and logistics service provider, Rapido has recently introduced hourly bike rental services in cities like Hyderabad, Bengaluru, Delhi- NCR, Kolkata, Chennai, and Jaipur due to the changing needs of consumers amidst the coronavirus outbreak.
For the record, the company will provide fixed rate-services starting INR 99 per hour for up to six hours. This will allow riders to complete their tasks on a single trip, containing the exposure to multiple drivers and avoiding the need to book multiple trips.
Aravind Sanka, Co-Founder, Rapido was reportedly quoted stating that the company offers a one-of-a-kind service across multiple cities in India. With increasing needs of customers along with the requirement for a cost-effective ridesharing solution, bike taxis have gained popularity especially because people were afraid of using public transport during the pandemic.
Sanka further added that the first three months of the pandemic brought its business to a standstill, compelling the company to innovate and enter into the upcoming B2B logistics market through a partnership with food delivery giant Swiggy and other e-commerce companies. Rapido has also launched courier services to help its business regain strength.
It is worth mentioning that, presently, logistics is responsible for 20% of the company’s revenue and is likely to remain at the same level even after the complete recovery of the service, which is likely to happen in the next 2 to 3 months. Logistics services has helped enhance unit economies along with reducing the idle time of riders on its platform.
Incorporated in the year 2015, Rapido has clocked 15% MoM growth in the last three years. It has emerged as the country’s first and the largest bike taxi service provider which is available in nearly 100 cities serving more than 10 million customers with over 15 lakh registered Captains.
As per reliable sources, Rapido has raised USD 78.4 million in funds from 24 investors. Its revenue from operation grew 9.4 times valued at INR 92.2 crore in FY20 from INR 9.82 crore in FY19.