Rapido formally entered the hotly contested four-wheeler cab-hailing segment on Tuesday as it seeks to take on Ola and Uber on their own turf.
The platform, which is known for its two-wheeler and autorickshaw services, will be foraying into the largely duopolistic cab-hailing industry in India, but says its product is differentiated since it offers a "lowest price guarantee" as well as a zero-commission model for its drivers.
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Rapido has launched its cabs pan-India, introducing an initial fleet of 1 lakh vehicles, it said in a statement.
"The SaaS-based platform serves as a seamless mediator, exclusively connecting drivers and customers without exerting control over the marketplace," it said. "Within the Rapido ecosystem, drivers enjoy direct payment from customers, free from any interference by Rapido."
Instead of a commission-based model, which has been a complaint for driver partners across Uber and Ola, Rapido has introduced a subscription-fee-based model. "As an illustration, upon reaching earnings of Rs 10,000 from the Rapido app, drivers will be subject to a modest subscription fee of Rs 500. This pioneering approach ensures that drivers receive the entirety of their service value," the company said.
Founded in 2015, Rapido has raised around $310 million till date. It is currently valued at around $830 million and counts TVS, Swiggy, Nexus Venture Partners and WestBridge Capital among its investors.
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