Hard work can change one's fate unexpectedly... One such individual who experienced this transformation is an IIT graduate. After completing his degree from IIT, Pawan Guntupalli went abroad for a job, but couldn't find satisfaction there. He returned to India with a desire to create something new. Leaving behind a lucrative job, he returned home and worked on various new ideas for two years, but failed seven times.
In an interview, Pawan Guntupalli revealed that despite failing so many times, he didn't give up. While people around him said he was ruining his life, his family continued to support him. Finally, the idea to start a ride-sharing company surfaced. That company is none other than Rapido, which today offers services ranging from bike rides to cabs in multiple cities and has achieved significant success.
Rapido Becomes a Unicorn
Ride-sharing platform Rapido secured $200 million in Series E funding led by Westbridge Capital. With this new investment, Rapido's post-money valuation has reached $1.1 billion, putting it in the unicorn club. According to co-founder Aravind Sanka, with this new funding, Rapido is eager to explore and expand its offerings to meet the evolving needs of its customers.
Started with an Idea
After failing in six startups, Pawan Guntupalli partnered with his friend Aravind Sanka to start 'the Karrier', focusing on intercity logistics using mini trucks. However, this business also didn't succeed. The issues of traffic jams and past business failures gave Pawan the idea of starting a bike taxi service. With this, he, along with his friends Aravind Sanka and Rishikesh SR, launched Rapido in 2015, initially offering bike and taxi services. Currently, the company's valuation stands at 1.1 billion dollars (₹9237 crores).
Source: aajtak
Facing Competition from Ola and Uber
When Rapido was launched, Ola and Uber were the leading players in the taxi service sector, primarily offering car services. While there was little awareness about bike taxis, Pawan started Rapido in Bangalore with a base fare of ₹15, adding ₹3 per kilometer. However, this alone did not bring success. Shortly after Rapido's launch, both Uber and Ola introduced their bike services as well, making investors hesitant to fund Rapido.
How Rapido Became a Market Leader
In 2016, Hero MotoCorp's Chairman and Managing Director Pawan Munjal joined hands with Rapido. Following that, AdvantEdge and several others came on board. Rapido then deployed 400 bikes in Bangalore, Delhi, and Gurgaon. By January 2016, Rapido had 5,000 users, which grew to 150,000 by December 2016. Today, Rapido has expanded its reach beyond metro cities, establishing its presence in over 100 cities, including Tier 2 and Tier 3 cities across the country, emerging as a leader in this sector.
