Swiggy helped boost the ride hailing service's valuation to $800m in a round that included Shell Ventures and TVS Motor Company.

India-based on-demand ride provider Rapido has received $180m in a series D round led by food delivery service Swiggy at a valuation of $800m, TechCrunch has reported.

Oil and gas producer Shell also took part in the round, through corporate venturing unit Shell Ventures, along with motorcycle manufacturer TVS Motor Company and venture capital fund Nexus Venture Partners. It increased the company’s total funding to $310m.

Founded in 2015, Rapido provides bike-based taxi services across India through a mobile platform. It claims it has more than 1.5 million drivers and 25 million registered users, a number it aims to double over the next year.

The company had previously raised $52m in an August 2021 series C round featuring Shell Ventures, a subsidiary of petroleum supplier Shell, as well as automotive manufacturer Yamaha, consulting firm Positive Moves, Nexus Venture Partners,Everblue Management, Kunal Shah, Amarjit Singh Batra and Pawan Munjal.

The…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.