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Meet man who faced rejection from 75 investors, now owns company worth Rs 6700 crore, he is…

Many aspirant business owners can be motivated to succeed in life by reading the inspiring story of Pavan Guntupalli.

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Meet man who faced rejection from 75 investors, now owns company worth Rs 6700 crore, he is…
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Many aspirant business owners can be motivated to succeed in life by reading the inspiring story of Pavan Guntupalli. Pavan, a talented youngster from Telangana, was exposed to trading and computer programming at an early age. His academic brilliance secured him a seat at IIT Kharagpur, one of the most renowned educational institutions in India. After completing his studies, he worked with Samsung and was involved in developing software. However, he always felt a strong desire to do something more significant. Pavan's unwavering perseverance, coupled with his determination and commitment, helped him overcome the obstacles and emerge as a triumphant entrepreneur. His story is a testament to the fact that with the right mindset, approach, and attitude, one can accomplish even the most challenging goals.

In an effort to establish a name for himself in the business world, Pavan and his friend Arvind Sanka founded "theKarrier," a company that used minitrucks to offer intercity logistics services. Sadly, the project failed, and the two had to deal with yet another setback. Nevertheless, Pavan persisted and examined the circumstances, coming to the conclusion that they needed to lower expenses and communicate with customers directly in order to turn a profit for the company. It was then that he had the notion for bike taxis, and Rapido was established in 2014.

Due to the challenging early going and the fact that Uber and Ola were already well-established in the ride-hailing space, 75 investors chose not to contribute to Rapido. Despite this setback, Pavan persisted in his efforts to make Rapido a success. With a base fare of Rs 15 and Rs 3 per kilometre at launch, the company did not achieve the anticipated level of success. But Pavan persisted in trying until he located backers who approved of his concept.

The Chairman and Managing Director of Hero MotoCorp, Pavan Munjal, was the first investor that Pavan found in 2016. Following that, a number of additional investors joined, and the business grew to operate in over 100 cities. Currently, Rapido has 7 lakh users, 50,000 captains, and a valuation of Rs 6700 crore. More than 50 million users have downloaded the app, and Swiggy and other businesses gave the company Rs 1370 crore last year.

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