Rapido, the popular ride-sharing platform, has officially entered the prestigious Unicorn club after securing $200 million in its Series E funding round. The round was led by WestBridge Capital and saw participation from existing investor Nexus Venture Partners, along with new investors Think Investments and Invus Opportunities. The latest funding brings Rapido’s post-money valuation to $1.1 billion, marking a significant milestone for the company in the rapidly growing urban mobility sector.
Aravind Sanka, Co-founder of Rapido, expressed excitement over the new funding and highlighted the company’s future plans. “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.”
Rapido plans to allocate the newly raised funds towards expanding its operations across India, including scaling its technology platform to improve service delivery. The company, which initially started with bike-taxi services, has diversified its offerings to include three-wheelers (autos) and taxi-cabs. The latest investment will further bolster Rapido’s expansion into these categories, while also extending its presence beyond metro cities into tier 2 and tier 3 cities.
Sumir Chadha, Co-founder and Managing Partner at WestBridge Capital, praised the company’s growth and operational efficiency. “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 rigor and relentless focus on customer and captain satisfaction. We congratulate the team on their capital efficient scaleup, which now positions Rapido amongst India’s most used consumer internet apps. This latest funding round underscores our ongoing commitment to their journey.”
Founded in 2015, Rapido started as a bike-taxi service but has since expanded its value proposition to include auto and cab services, establishing its presence in over 100 cities across India. The company has made significant strides in penetrating both metro and non-metro cities, creating a robust mobility network to cater to the country’s diverse transportation needs.
WestBridge Capital, which led the Series E round, is an experienced investment firm managing over $7.5 billion of capital across investment funds in India and Mauritius.