Reject, reject, reject! Meet man who faced 75 rejections but didn’t give up, later built company worth 6700 crores, his name is…

Success Story: This story is about Pavan Guntupalli, an IIT graduate who faced several rejections but never lost hope and continued to believe in himself. He was turned down by over 75 investors who did not believe in his business idea. However, today he is a prominent figure in the business world, and his company ‘Rapido’ is valued at more than Rs 6,700 crore.

Pavan’s journey has become an inspiration for young entrepreneurs who aspire to make an impact in the business world. Let’s know his story.

Loved Computer Programming Since Childhood

Pavan hails from Telangana state and he was a sharp student since childhood with a keen interest in trading and computer programming. After completing his graduation from one of the prestigious IIT, Kharagpur, he started working for Samsung. At Samsung, Pavan gained valuable industry experience and decided to start his own company. He later started a startup – ‘The Career’ along with his friend Arvind Sanka.

The Birth Of Rapido

Pavan launched the bike taxi service Rapido in 2014, building on experience from a previous 2014 startup. The venture faced significant initial challenges, with over 75 investors initially rejecting his proposal. He recognized the competitive pressure from established companies such as Uber and Ola.

A Turning Point

Using a strategy to keep the base fare of the bike taxi service at Rs 15 Pavan charged Rs 3 per km. However, Rapido didn’t get much success initially, but Guntupallim remained determined and continued his efforts. In 2016, Rapido got its first funding from Pavan Munjal, Chairman and Managing Director of Hero MotoCorp. This investment proved to be a turning point for the company and it gained the trust of both investors and its customers.

Rapido secured increased funding, rapidly expanding its services to over 100 cities. The company established a strong presence in challenging mountainous regions where car-based services are less accessible.

Rapido’s Market Value

Rapido, a company with over 700,000 users and 50,000 drivers, boasts a valuation exceeding USD 825 million (approx Rs 6,700 crore) according to Tracxn.  Founder Pavan Guntupalli’s journey exemplifies the potential for success with perseverance and determination, inspiring aspiring entrepreneurs.

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