Indian bike-taxi service app Rapido has secured $55 million in a Series B round of financing from a group of investors including Shunwei Capital, a Chinese venture capital firm led by smartphone maker Xiaomi’s founder Lei Jun. The Bengaluru-based bike-taxi business, which now operates across 13 cities in India, plans to use the proceeds to expand to 100 cities within one year, enhance its technology and beef up its management team.

(Dealstreet Asia)