Meet man who faced 57 rejections, then built RS 6700 crore company that competes with Uber, Ola, his net worth is Rs...

Pavan Guntupalli, an IIT Kharagpur alumnus, has carved a unique path in the world of entrepreneurship. As the co-founder of Rapido, India's leading bike-taxi service, he is competing against industry majors such as Uber and Ola. Born and raised in Telangana, Pavan excelled in computer programming and stock trading. His academic brilliance led him to clear the IIT-JEE exam and secure admission to IIT Kharagpur, where he pursued Bachelor’s degree in Electronics and Electrical Communication Engineering.

After graduating in 2012, Pavan joined Samsung Research India as a software developer. During his tenure, he gained valuable insights into communication protocols and operator compatibility. Despite a promising career in the tech industry, Pavan aspired to start his own business. This ambition led him to co-found "theKarrier," a logistics startup, alongside Arvind Sanka. Unfortunately, the venture struggled to gain traction and was eventually shut down.

Undeterred by failure, Pavan launched Rapido in 2015 with co-founders Rishikesh SR and Arvind Sanka. Rapido aimed to provide affordable bike-taxi and auto-rickshaw services for quick and budget-friendly transportation. However, securing funding proved challenging—75 investors rejected his pitch, doubting Rapido’s ability to compete with established players like Uber and Ola. The turning point came when Chairman of Hero MotoCorp Pawan Munjal recognised Rapido's potential and invested in the startup. This endorsement paved the way for other investors, enabling Rapido’s official launch in 2016.

Rapido began with a base fare of Rs 15 and Rs 3 per kilometer, making it accessible but posing profitability challenges.Today, Rapido operates in over 100 cities across India with a fleet of 50,000 riders (known as "captains") and has achieved over 50 million app downloads.

As of September 2024, the ride-hailing app is valued at $1.1 billion, according to The Economic Times. This valuation came after the company raised $200 million in a Series E funding round.