Nexus Venture Partners has injected $15 million into Rapido, the Indian urban mobility startup, as it prepares to diversify into the competitive food delivery market. This funding round, reported on June 9, 2025, comes at a pivotal moment for Rapido, which has seen significant growth in its ride-hailing services and is now eyeing new verticals to expand its footprint.
Rapido, primarily known for its bike-taxi and ride-hailing services, recorded a remarkable increase in its gross order value (GOV) to $1.25 billion in fiscal 2025, more than doubling from the previous year. This financial boost from Nexus Venture is expected to fuel its ambitious plans to launch a food delivery platform named Ownly, positioning it as a direct competitor to established players like Swiggy and Zomato.
The company aims to differentiate itself in the food delivery space by offering competitive commission rates to restaurants, a strategy that could disrupt the current market dynamics. Rapido's entry into this segment is seen as a natural extension of its logistics and last-mile delivery expertise, built through years of operating in the mobility sector.
In addition to food delivery, Rapido is exploring opportunities in the insurance distribution space, targeting its extensive network of driver partners and customers with products such as health, life, general, and motor insurance. This diversification signals Rapido’s intent to become a multi-service platform catering to a broader audience.
The investment from Nexus Venture Partners, a firm known for backing innovative startups in India and the US, underscores confidence in Rapido’s growth trajectory and strategic vision. Nexus has a history of supporting Rapido, having previously invested in the company as early as 2019, and this latest round further solidifies their partnership.
As Rapido gears up for its food delivery pilot and other ventures, industry watchers are keenly observing how the startup will navigate the challenges of entering a highly competitive market while maintaining its stronghold in ride-hailing. The coming months will be crucial in determining whether Rapido can replicate its mobility success in new domains.
Alfred Lee
