Roppen Transportation Services Pvt. Ltd, which operates bike taxi startup Rapido, has raised about $11.2 million (Rs 78.2 crore) in a Series A funding round led by venture capital firm Nexus Venture Partners.
According to the company’s latest filings with the Registrar of Companies (RoC) sourced by paper.vc, the company has issued up to 10 equity shares of face value Rs 10 each at a premium of Rs 89,762.82, and 8,705 Series A3 compulsory convertible preference shares (CCPS) of face value of Rs 100 each at a premium of Rs 89,672.82 to the investors.
The financing proceeds will be used by Roppen to fund the expansion and growth of the company, the filing said.
Per the filings, Nexus Ventures V Ltd has subscribed to 10 equity shares and 5,074 Series A3 CCPS of Roppen Transportation, taking its stake to 11.41 per cent in the company. Other investors in the round included Rapido Holdings LLC, Hong Kong-based multi-strategy private investment firm Integrated Capital, and Karina Choudhrie Tech Sponsors India, among others. Individual investors who took part in the round included Vikramaditya Jain, Ka Wing Kevin Kwong, Daniel Kanak, and Timothy Ting Fai Wong, among others.
Integrated Capital had also led a $10-million funding round for the Indian bike taxi startup in January this year. US-based Rapido Holding LLC now holds 20.72 per cent stake in Rapido, while Integrated Capital Growth Fund has increased its shareholding to 14.31 per cent.
Founded by Rishikesh SR, Pavan Guntupalli and Aravind Sanka in 2015, Rapido has 10,000 active “captains” or drivers, including women. At present, Rapido claims to process 2.5 million orders a month and plans to grow to 20 million orders by the end of 2019.
Rapido had earlier raised an undisclosed amount of investment from the promoter of Indian two-wheeler giant Hero MotoCorp in 2016. Early-stage investment firms AdvantEdge Partners and Astarc Ventures had also participated in the round.
In the two-wheeler sharing space most recently, Bengaluru-based dockless scooter sharing platform Bounce raised $3 million in debt funding from Innoven Capital.
In January, bike rental startup Vogo had raised $8.95 million as part of an ongoing Series B funding round.
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India’s bike taxi startup Rapido raises $10m round led by HK’s Integrated Capital