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Rapido, a prominent ride-sharing platform based in Bengaluru, has achieved a significant milestone by securing $200 million in its Series E funding round. This investment, led by WestBridge Capital, catapults Rapido into the coveted unicorn club, signifying a valuation exceeding $1 billion. The company's valuation now stands at $1.1 billion, marking a substantial achievement in its growth trajectory.
The funding round attracted participation from a diverse group of investors, including new entrants like Think Investments and Invus Opportunities, alongside existing investor Nexus Ventures. This influx of capital will fuel Rapido's ambitious expansion plans, enabling it to broaden its reach across India and optimize its technology platform for enhanced service delivery. Rapido aims to solidify its presence in all segments of the ride-sharing market, encompassing bike-taxis, three-wheelers, and taxicabs.
Aravind Sanka, Co-founder of Rapido, expressed enthusiasm about the opportunity to leverage this fresh investment to explore and expand the company's offerings. He highlighted the impressive growth Rapido has witnessed in the past year, with daily rides reaching an impressive 2.5 million. This surge in ridership underscores the company's strong foothold in the Indian transportation market and its ability to cater to the evolving needs of consumers.
WestBridge Capital, a key player in Rapido's journey, has demonstrated unwavering confidence in the company's potential. In April, Mint reported on WestBridge's intention to double down on their investment in the ride-sharing aggregator. This commitment reflects WestBridge's belief in Rapido's ability to disrupt the transportation sector and establish itself as a dominant force.
Prior to this round, Rapido had secured $180 million in funding from Swiggy in April 2022, valuing the company at approximately $830 million. WestBridge Capital's involvement with Rapido dates back to 2019, with participation in subsequent funding rounds in 2021 and 2022. Sumir Chadha, co-founder and managing partner at WestBridge Capital, highlighted the remarkable transformation of Rapido under the leadership of its dedicated team. He emphasized the company's emergence as India's leading low-cost mobility platform, attributing its success to its operational efficiency and unwavering focus on customer and driver satisfaction.
Rapido's journey began in 2015 with a vision to revolutionize urban mobility. Founded by Pavan Guntupalli, Aravind Sanka, and Rishikesh SR, the company initially focused on bike taxi aggregation. Recognizing the potential to cater to a wider range of transportation needs, Rapido expanded its services to include three-wheeler and four-wheeler ride-sharing in October 2022. This strategic move further solidified Rapido's position as a comprehensive mobility solution, catering to the diverse transportation requirements of its user base.
Source: Rapido enters unicorn club with $200 mn fundraise led by WestBridge Capital