Wednesday, October 21
WestBridge-backed mobility startup Rapido said it plans to expand services to 500 cities, up from its current presence in over 120 cities.According to the company, the expansion will roll out in phases starting in February, initially targeting Karnataka, Gujarat, Tamil Nadu, West Bengal and Rajasthan. The roll out will then extend to states such as Punjab, Haryana, Uttar Pradesh, Uttarakhand and others.Rapido, which raised $200 million in a funding round in September last year, entering the unicorn club, currently facilitates 3.6 million rides per day.“With over 1.3 crore Captains earning over Rs 15,000 crore on the platform, our expansion to 500 cities is a testament to our commitment to empowering individuals and building a more connected India,” said Pavan Guntupalli, cofounder, Rap
Startups and venture capital (VC) firms are advocating for a more favorable tax regime and initiatives to enhance the availability of domestic capital in the forthcoming Budget, ToI reported on January 18. Siddarth Pai, founding partner at 3one4 Capital and co-chair of the regulatory affairs committee at the Indian Venture and Alternate Capital Association (IVCA), told ToI's Asmita Dey that it was necessary to have for tax parity between foreign and domestic funds to attract foreign investors to Indian alternative investment funds (AIFs)."If foreign investors observe that foreign funds benefit from superior tax treatment in India, they are likely to opt for these foreign vehicles rather than Indian AIFs. Achieving this parity will also draw investors and fund managers to GIFT IFSC," Pai to
