Bike-taxi startup Rapido has officially joined the unicorn club, achieving a USD 1 billion valuation after securing USD 120 million in a new funding round led by WestBridge Capital. The eight-year-old company has now raised approximately USD 430 million to date, according to media reports.
Rapido’s strategic partnership with food delivery giant Swiggy has been a significant driver of its recent success. Swiggy, which led Rapido’s previous funding round in April 2022 valuing the startup at $800 million, has enabled Rapido to provide more work opportunities for its drivers while supporting Swiggy in managing the growing food delivery orders across the country.
“Swiggy plans to increase its stake in Rapido before the IPO,” according to media reports. Additionally, Rapido engaged with Khazanah, Malaysia’s sovereign wealth fund, in the current funding round.
Rapido’s Series E funding highlights its significant role in India’s mobility sector, challenging the dominance of Uber and Ola. The company’s focus on two-wheeler transportation, rather than traditional cabs, has allowed it to thrive in the congested urban centers of India.
Rapido is the third Indian startup to achieve unicorn status this year, following fintech company Perfios and AI startup Krutrim, according to media reports.