Rapido, a preferred ride-hailing platform in India, has quietly begun beta testing its meals supply service in Bengaluru, marking its first critical transfer to problem market leaders Swiggy and Zomato in one of many world’s fastest-growing supply markets.
The ten-year-old startup has began testing its meals supply service in three major localities within the southern metropolis of Bengaluru, particularly Byrasandra, Tavarekere, and Madiwala (BTM) Format, Hosur Sarjapura Highway (HSR) Format, and Koramangala, Rapido co-founder and CEO Aravind Sanka confirmed to TechCrunch.
Rapido created a completely owned subsidiary Ctrlx Applied sciences to launch its meals supply service, named Ownly. The subsidiary lists Sanka and Rapido vp of finance Vivek Krishna as the administrators, per the regulatory filings reviewed by TechCrunch.
Sanka mentioned there was no particular cause for organising the subsidiary. Nonetheless, it might be a strategic transfer to keep away from potential conflicts of curiosity with Swiggy, which presently holds a 12% minority stake within the ride-hailing startup.
Swiggy not too long ago confirmed in a letter to shareholders that it will reevaluate its funding in Rapido, citing a possible battle of curiosity “that will come up sooner or later.”
In the meantime, Rapido’s Ownly has additionally launched its Android app on Google Play that gives meals from close by eating places at round 15% decrease costs than these on Swiggy and Zomato.
The decrease pricing is a results of Rapido’s mannequin of not taking commissions from eating places, that are as much as 30% within the case of different meals supply apps, together with Swiggy and Zomato, and as a substitute charging a set price per order. The startup talked about its fixed-fee method in a proposal to eating places in June.
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Rapido has a fleet of round 10 million automobiles, together with 5 to six million two-wheelers, throughout India, an individual aware of the startup’s enterprise informed TechCrunch not too long ago. The corporate is utilizing its two-wheeler fleet to ship meals — alongside providing its taxi and courier providers.
Rapido will keep away from exhibiting eating places situated removed from clients to scale back gas prices and supply instances, and can curate menu objects on its app to maximise margins whereas providing sufficient discoverability, a Rapido investor informed TechCrunch on situation of anonymity.
Whereas dealing with deliveries for Swiggy, Rapido gained perception into peak hours and high-demand eating places — the information it will now leverage for its personal meals supply service, the investor mentioned.
The settlement with Swiggy doesn’t forestall Rapido from utilizing this information, though it does prohibit the startup from getting into into contracts with Zomato or different rivals, the investor added.
Based in 2015, Rapido started as a motorbike taxi aggregator earlier than increasing into auto rickshaws, parcel supply, and third-party logistics. In 2023, it entered the cab enterprise to tackle Uber and native rival Ola. The startup gained traction on this section with its subscription-based mannequin, positioning it as an alternative choice to the commission-based method utilized by its rivals.
Rapido additionally partnered with Taiwanese battery-swapping electrical two-wheeler maker Gogoro to deploy its automobiles as bike taxis. Furthermore, the current strikes helped the startup enhance its valuation and change into a unicorn final yr.
India’s on-line meals supply market is projected to surpass ₹2 trillion (roughly $23 billion) by 2030, per a report by Bain & Firm and Swiggy launched final yr. Zomato presently leads the market with a 58% share, in line with brokerage agency Motilal Oswal, whereas Swiggy holds the remaining 42%, per Bernstein. Uber was additionally among the many early gamers within the house with Uber Eats, which it offered to Zomato in early 2020.
To date, Rapido has raised $574 million in 13 rounds, per Tracxn. It operates in additional than 250 cities and handles over 3.5 million rides day by day. The startup counts Prosus, WestBridge Capital, Nexus Enterprise Companions, and Suppose Investments, amongst its key buyers.
