Rejection Is The Best Motivation: Meet IIT Graduate Who Got Rejected By 75 Investors But Built Rs 6700 Crore Company

Success never comes easy. It has always been said that rejection is not an end and there can be better options waiting for you. The journey of many entrepreneurs has been full of ups and downs. However, their success stories also serve as an inspiration and motivate many others. Such is the story of Pavan Guntupalli, an IIT graduate who faced over six dozen reactions. 

Pavan hails from Telangana. He has a keen interest in trading and computer programming. He even practised these from a very young age. He got admission into IIT Kharagpur where he honed his skills and ability in computers. After his graduation, he worked with Samsung where he gained industry experience. However, later he along with his friend Arvind Sanka started a business called 'theKarrier'. Learning from the pros and cons of this startup, Pavan launched Rapido, a bike taxi service, in  2014. 

However, investors were not impressed with his idea of Rapido and he faced rejection from 75 investors. The investors were apprehensive given the crowded market controlled by giants like Uber and Ola. While Pavan kept the base fare at Rs 15 with Rs 3 per kilometre charge, the Rapido did not make big strides in the initial years. However, Pavan remained steadfast in his approach and in fulfilling his dream.

जहां कोई नहीं पहुंच पाया वहां Rapido ने दबदबा कैसे बनाया? जानिए Founder Pavan Guntupalli से

Watch Full Interview Here: https://t.co/fOypw2enyo#CXOMantra #Rapido #successstory @rapidobikeapp @nikitapatidar15 pic.twitter.com/gRnH0EaUnW — Zee Business (@ZeeBusiness) May 4, 2024

His first breakthrough came two years later in 2016 when Chairman and Managing Director of Hero MotoCorp Pawan Munjal decided to invest in Rapido. With Munjal pitching in, Rapido not only gained the trust of the consumers but also of the investors as more funding got lined up. The company successfully expanded to over 100 cities. Since Rapido is bike-riding based business, it gained more popularity in rough hilly terrains and becane a success.

At present, the Rapid has over 7 lakh users and  50,000 captains/riders. According to Tracxn, Rapido is currently valued at $825 million or over Rs 6,700 crore.