Page 8 Soft

Main Menu

  • Home
  • Software Start Ups
  • Android Apps
  • Iphone Apps
  • App Funding
  • Money

Page 8 Soft

Header Banner

Page 8 Soft

  • Home
  • Software Start Ups
  • Android Apps
  • Iphone Apps
  • App Funding
  • Money
App Funding
Home›App Funding›Sequoia on Bad Governance, Rapido Funding, Unicorn Lull, and More

Sequoia on Bad Governance, Rapido Funding, Unicorn Lull, and More

By Margaret J. Beltran
May 1, 2022
0
0

Rapido, a bike taxi platform, has raised $180 million (Rs 1,370 crore) in a Series D funding, led by Swiggy. TVS Motor Co. also participated in the round.

The startup, among the soonicorns, has raised $130 million (about Rs 1,000 crore) over the past seven years. The latest funding raised its valuation to $830 million (Rs 6,330 crore).

“With TVS and Swiggy, our relationship goes beyond capital,” Aravind Sanka, co-founder of the Bengaluru-based company, told BloombergQuint. “The Swiggy partnership will also provide additional revenue for Swiggy delivery executives and Rapido captains. With TVS, we aim to bring together our strengths in mobility and a seamless technology platform where our partnership will focus on both two- and three-wheeled vehicles in the EV segments and expand our fleet of e-bikes.

The capital, Sanka said, will be used in the three main categories including bike taxi, car and delivery.

The delivery or third-party logistics business, which Rapido got into three years ago, is “more a question of use than anything else at this stage”. “Since all of our third-party logistics drivers have signed up for bike taxis, it helps our bike taxi captains earn more income on a daily basis.”

Separately, insurtech startup Turtlemint has raised $120 million (Rs 916 crore) in a Series E funding.

The company has reached a “slightly below unicorn valuation,” co-founder Dhirendra Mahyavanshi told Bloomberg.

According to India Insurtech Association and Boston Consulting Group, insurtech funding in the country has increased from around $290 million (Rs 2,210 crore) in 2020 to $900 million (Rs 6,870 crore) in 2021.

“Last year’s funding levels indicate continued investor interest and we will see more insurtechs creating real business value. Enablers such as IndiaStack, Ayushman Bharat, Insurance Information Bureau and the RBI’s regulatory sandbox provided a solid platform for innovation across the insurance value chain,” he said in a report.

India has produced three unicorns in this segment: Acko, Digit Insurance and PolicyBazaar.

Related posts:

  1. ‘Taken the fall’: Digital Transformation Agency faces staffing and funding cuts despite spending $ 1 billion in digital economy | The Canberra Times
  2. Fintech Startup BankSathi Raises $ 200,000 in Seed Funding from Angel Investors
  3. 7 airports in Virginia receive more than $ 10 million in federal funding, including Lynchburg and Danville
  4. Biometric underwear start-up receives $ 1.5 million government funding –

Recent Posts

  • How PreSkale promises to turn leads into real revenue
  • Google app beta brings search UI overhaul to Android 13
  • Rapid measurement of thoracolumbar kyphosis with the built-in inclinometer of a smartphone: a study of validity and reliability
  • Singapore pharmacy platform startup lands $27m in funding round backed by Bill Gates
  • Broadcom in advanced talks to buy VMware

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021

Categories

  • Android Apps
  • App Funding
  • Iphone Apps
  • Money
  • Software Start Ups
  • Terms and Conditions
  • Privacy Policy