Rapido, a ride-hailing platform has raised $200 million in its Series E funding round led by WestBridge Capital, an investment firm focusing primarily on investments in India. The newly raised funds give the Bengaluru-based company a post-money valuation of $1.1 billion, the latest homegrown startup to achieve unicorn status.
The round also saw participation from Think Investments, Nexus Venture Partners and New York-based Invus Opportunities.
The newly raised fund will be used to expand its operations across the country and scale its technology platform to improve service delivery. It also plans to grow operations across categories, including three-wheelers, four-wheelers and two-wheelers. It launched cab services in December 2023. This will also boost its ability to compete with giants like Ola and Uber in India.
Rapido is also entering the buzzy quick commerce delivery space by utilising its two-wheeler fleet for hyperlocal deliveries.
Rapido is clocking 2.3-2.5 million orders every day, of which 7% is from business-to-business (B2B). Under B2B, Rapido fulfils food-delivery orders for Swiggy during lean hours for bike-taxi operations. It has also onboarded Open Network for Digital Commerce (ONDC) as a logistics provider.
As of March 2024, Uber processed 19.3 lakh rides daily while Rapido did 16.5 lakh rides a day followed by Ola which did 13 lakh rides.
“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. This investment will empower us to continue innovating and improving our services, allowing us to better serve our customers and make significant strides in enhancing urban mobility for everyone,” Aravind Sanka, Co-Founder of Rapido said.
