Rapido: Rapidly Growing Bike Taxi Application
Situation:
Recently, there has been a drastic increase in the number of vehicles on the Indian roads compared to the last few years. With people returning to the office and the full resumption of public transport, roads are crowded with vehicles. This can be attributed to the increase in individual vehicle owners, logistic service providers, and car/auto aggregators. This has led to an overall increase in commuting time in metro cities like Bangalore, Delhi, Chennai, etc. Additionally, with the increase in fuel prices, car/auto rides are higher.
Existing car/auto aggregators provide cost-effective options in the market, but due to the above-mentioned problems, even the drivers face the pressure of maintaining the same ride fares even during fuel price rises.
Problems and implications:
Car/auto aggregators thrived due to their benefits like time-saving, security, and low cost. However, in recent times travelers prefer personal mode of transportation.
1. Commuting Time: With the incorporation of Car/auto-sharing services, people can easily travel anytime from home or their current location without going to a designated place to book or ride a vehicle. However, with the rise in the number of vehicles on the road, the commuting time even with car/auto service has increased.
2. Cost: Due to the recent rise in petrol prices, there has been a drastic increase in the cost of travel via sharing services. Although the Car/Auto applications show a lower cost of travel, individual drivers demand an excess fee for rides.
3. Accessibility: The car/auto aggregator's primary advantage is the ease of accessibility. However, in recent times travelers find it difficult to avail ride services due to the unavailability of drivers.
4. Pollution: In India, most vehicles utilize petrol and diesel for fuel. Even with the rise in electric vehicles, most of the Car/Auto ride service providers use Petrol/diesel/Gas based vehicles due to cost-effectiveness.
Need pay-offs:
Headquartered in Bangalore, the startup hub of India Rapido is thriving as one of the startups in the top 10 growth/late-stage deals in India. Though the Indian market is already familiar with taxi/auto service applications like Uber and Ola, Rapido offers a faster and more economical way of commuting through its bike-sharing service.
1. Less commuting time: Bikes in India are designed to be used on various terrains including crowded roads. Moreover, their inherent design makes it easier to travel on narrow roads. Hence, the time taken to board and reach a destination is lesser compared to Cab/Auto rides.
2. Low cost: Due to the inherent design of bikes, they consume less fuel and need low maintenance. Hence, the ride costs are comparatively lower.
3. Ease of access: Many Indians, specifically, young adults use bikes often for travel. Moreover, with the rise in food delivery applications, many young adults often drive to various locations to deliver. Hence, people can easily avail bike rides.
4. Sustainable alternatives: Electric bikes are thriving in the market. Different varieties at different cost levels are available for individuals.
5. Income opportunities: Rapido provides an income opportunity for young adults. As most people own a bike, it is easier for people to earn money through Rapido by offering a ride service.
6. Driver-friendly initiatives: Rapido offers various additional amenities to drivers like Food/refreshment centers, Awareness programs for drivers, etc.
In addition to bike service, Rapido also provides Taxi service and delivery services. These features make Rapido a rapidly growing and thriving platform in India.