Reach Destination Rapidly & Conveniently with Rapido Business Model
Sitting in a cab, stuck in traffic, glancing after every minute on the wrist, and enviously looking through the window at the motorcycles rummaging and carving through the path; all of us have been there and done there. What’s the solution, if you want a convenient ride that drops you at your desired destination rapidly, and that too, at an affordable price? Rishikesh SR, Pawan Guntupalli, and Aravind Sanka gave India the much-needed answer via Rapido Business Model.
Rapido Origination:
What started with a startup called the Karrier by three IIT alumni Rishikesh SR, Pawan Guntupalli, and Aravind Sanka in the once called Pensioner’ Paradise, the city of Bengaluru gave birth to Rapido in 2015. Rapido is an online bike taxi aggregator company operating across India in more than 75 cities. Rapido working model provides last-mile connectivity without burning a hole in your pocket. Its top services include bike riding as well as B2C delivery.
Rapido Working Model Insight:
- Our very own Indian version of Gojek and Grab, Rapido App has already made a 10 million mark on Playstore.
- Rapido business model is a rapid shift from renting a cab for the daily commute, or for that matter owning a two-wheeler and spending time and money on its maintenance to enjoying a hassle-free ride.
- The success of the Rapido working model is evident from the funding that it has managed to receive from the investor giants such as Westbridge Capital, Alibaba’s Bace Capital, Shunnei Capital, and Nexus Ventures to name a few.
- Rapido business model provides accidental insurance for both the driver as well as the customer.
- The app is available 5 major languages which obviously is a feather in their cap as far as convenience is concerned.
- It provides to its riders a helmet and a disposable cap for safety and hygiene.
- One can also save frequently visited locations for easier access and live track the real-time location of the ride.
- The commuter ride can be 40–60% cheaper than a cab ride depending on the time of the day. It also provides a feature of speed-tracking for the ‘captains’ that enables them to keep a tab on the speed of the bike.
- For daily commuters, they have the facility of Rapido pass
Who can become a ‘Rapido Captain’?
- As interesting as the name sounds, anyone with a two-wheeler with models no older than the year 2010, a phone with a 3G/4G mobile data connection, and a desire and determination to earn money can become a ‘captain’ at Rapido.
- The ‘captains’ of the Rapido are the drivers of the bikes.
- The age range of ‘captain’ is usually found to be from 18 to 50. Currently, it boasts of at least 100 female ‘captains’. ‘Captains’ can enroll themselves using the app, ‘Rapido Captain’.
YouTube Video for Rapido Working Model:
English Language: Click Here
Hindi Language: Click Here
How to register on Rapido as Captain:
Just a few steps and one can become a ‘captain’ and start earning through rides:
- Download Rapido Captian App
- Create Profile
- Upload documents: Driving License, Registration Copy of the bike, and a photograph among others.
- Watch the mandatory training video.
- Post 24 hours start receiving booking request after it is reviewed.
How Rapido Works for Customers
- Download Rapido App
- Create a Profile
- Set pick-up and drop-up location.
- Captain is assigned. Enjoy the ride and makes payment either with cash or using a digital payment method.
Revenue Model of Rapido | How Rapido makes money
Rapido gauged the emotions and needs of the people which is helping it increase its revenue. It claims to have a 13X jump in its revenue in the financial year 2019. The Revenue Model of Rapido has two main aspects:
Commission Based:
Rapido makes money by acting as a bridge between the ‘captains’ and the ride seeker and charges 20% of the total fare as its commission.
B2C Commission:
Rapido earns money via B2C logistics by assisting logistics companies in delivering their products to the last-mile.
Another vital way that can help Rapido make some easy money is through Adsense and brand advertisement.
Possible Challenges for Rapido:
“Knowledge is power,” they say. Knowing what hurdles one might face, empowers one to overcome those hurdles. Thus, just like any business, Rapido too has certain possible challenges which harm Rapido revenue model:
Competitors:
Bounce, Uber, Moto, and Vogo are some of the immediate competitors of Rapido. Healthy competition and a free market, however, seem to maintain a better ecosystem for both the supplier and consumer.
Security and Support:
Lack of security features and poor support facility is an aspect that Rapido is striving to overcome. Rapido has enabled an SOS button in the app as well as it claims to mask the number of female riders.
Professionalism:
Often observed in aggregators, lack of work ethics, as well as inefficient customer handling skills by the ‘captains’, is an important concern that Rapido cannot overlook. An effective training model may act in its favor.
Cyber Attack:
Another issue that comes up in the case of businesses that essentially works online is the possibility of the website or the app being down or the threat of hacking.
Conclusion:
- Rapido wishes to make its app user-friendly to every section of the society; it is working on launching special and simplified features for visually challenged that would use voice-to-text commands.
- It also claims to provide its riders with instant money transfer rather than a certain wait-period.
- However, Rapido has its shares of imminent problems, especially, legal problems. Rapido is at loggerheads with the State Transport Department of various cities, as bike taxis are considered being illegal.
Rapido is striving to find its silver linings with innovative methods. Recently, it offered the commuters of Delhi free rides, when the odd-even rule was enforced. With Rapido, one needs not to worry about traffic or parking woes; rather enjoy a hassle-free last-mile commute at your convenience and at rapido speed.
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