Rapido, the ride-hailing unicorn, aims to transition its bike-taxi service in Delhi to 100% electric within the next year. Co-founder and CEO Arvind Sanka announced the initiative, noting that 25% of their bike-taxi services in the capital are already electric.
This move aligns with Delhi’s increasing adoption of electric vehicles (EVs), supported by the state’s EV Policy 2.0, which aims for all bike taxis to be electric by 2030. The policy allows bike-taxi operators to run services exclusively with electric vehicles, addressing the city’s pollution challenges.
Rapido is collaborating with manufacturers like Zypp Electric and Gogoro to bolster its EV fleet. Sanka stated, “If there are fleet operators, we buy from them. If not, we provide our EVs to drivers.” This strategy could offer Rapido a first-mover advantage in the competitive bike-taxi sector as rivals like Ola and Uber explore green solutions.
In addition to the electric transition, Rapido is expanding into the quick commerce delivery sector, partnering with firms like Zepto and KPN Farm Fresh to enhance hyperlocal deliveries. Founded in 2015, Rapido has evolved from a bike and auto aggregator to a broader mobility platform, recently achieving a valuation of $1.1 billion after raising $200 million.
Despite a reported net loss of Rs 649 crore in FY23, Sanka is optimistic about turning a profit soon, stating that all service categories are nearing profitability.
