Rapido Hits Unicorn Status with USD 1.1 Bn Valuation After USD 200 Mn Series E Funding The newly raised capital will be utilised to fuel Rapido's expansion across India and further enhance its technological platform, which is aimed at improving service delivery and user experience.
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Bengaluru-based ride-hailing platform Rapido has raised USD 200 million in its Series E funding round, led by WestBridge Capital.
The round saw participation from key investors such as Think Investments, Nexus Venture Partners, and Invus Group.
WestBridge Capital took the lead with a substantial USD 120 million investment, with the remaining amount contributed by the other three investors. This latest funding has pushed Rapido's valuation to an impressive USD 1.1 billion, marking a significant milestone for the startup.
The newly raised capital will be utilised to fuel Rapido's expansion across India and further enhance its technological platform, which is aimed at improving service delivery and user experience.
Rapido plans to extend its services across various categories, including three-wheelers, taxis, and bike taxis, strengthening its foothold in the country's urban mobility space.
Aravind Sanka, Co-founder of Rapido, said, "With this new infusion of capital, we are eager to explore and expand our offerings, ensuring we meet the evolving needs of our customers. Over the past year, we've experienced significant growth, with our daily rides surging to 2.5 million."
Sanka emphasised that the investment would allow the company to continue innovating and improving its services, making strides in enhancing urban mobility across India.
WestBridge Capital's Co-founder and Managing Partner, Sumir Chadha, said, "In the five years since the initial investment made in Rapido, we've seen Aravind, Pavan, Rishikesh and the team transform it into India's leading low-cost mobility platform. From dominating bike taxis to making significant strides into 3W autos and cabs, their growth is a testament to their operational rigour and relentless focus on customer and captain satisfaction."
