Rapido- A beast in the making!
August 7, 2022
Rapido is one of the fastest-growing startups in India. Travel aggregator businesses are growing with the growing Indian population and their acceptance towards new innovations brought by startups. Rapido was started by Arvind Sanka in 2015, he started a logistics startup named The Karrier which did not perform well and was about to go bankrupt when they pivoted their model and turned it around to form Rapido which deals with bike rentals. Today, Rapido is serving more than 1 lakh travelers every day through its high-end technology solutions in the travel industry. Rapido was eventually funded by Pawan Munjal who is the CEO of Heromotocorp and then eventually when Rapido proved its worth by acquiring customers at a massive scale they raised funds from various reputed venture capitalists like Sequoia capital, Nexus venture partners, Lightspeed ventures, and a lot more investment banks. This startup is on the rise and is competing with big giants like OLA and Uber which are big billion-dollar companies operating at a massive scale in the travel industry serving millions of customers on a daily basis. Rapido is giving tough competition and using various business and marketing strategies to beat big brands like OLA and Uber to make their mark in the Indian startup ecosystem. Ola and Uber may often be found almost everywhere but Rapido is limited to a few places. Rapido's goal is to provide the greatest service to its consumers, not to gradually expand into other places. However, the model of Ola and Uber is more advanced than Rapido's. What was Rapido's method for outshining them? As a result, the solution is hidden somewhere in their value chain. In the value chain of every aggregator business model, there are two customers. One is the consumer who will use your service, and the other is the customer who will provide it. Rapido, like Ola/Uber, takes a 20% commission. On the other side, it offers incentives and rewards to its users in exchange for more rides and high ratings. As a result, they treat customers with respect. They don't go too fast because they know the app is monitoring everything. They will receive alerts if they exceed the speed limit. If there are more notifications, there will be less income. Rapido's Withdrawal System was the best thing they ever designed for motorcyclists. Rapido Riders are generally persons from the lower middle class who seek to supplement their income. And it is critical for these people to have money in their hands on a daily basis. Rapido's Withdrawal System was designed to be so straightforward that anyone could withdraw their money on a daily or monthly basis. Riders have sided with Rapido as a result of this. Today, if you want to avail its services and no Rapido is available nearby, you can click the Snooze and a rider will come to pick you up within 10 minutes. Rapido's customer experience is far superior to Ola or Uber as a result of these little initiatives. Rapido grew at a 10x rate in just two years as a result of this.