Rapido Joins the Unicorn Club Following a $200 Million Series E Funding Round

Rapido, a popular ride-sharing platform, has officially joined the Unicorn club after raising $200 million in its Series E funding round. This round was led by WestBridge Capital, with participation from existing investor Nexus Venture Partners and new investors Think Investments and Invus Opportunities. The funding brings Rapido’s post-money valuation to $1.1 billion, marking a major achievement in the urban mobility space.

Aravind Sanka, Rapido's Co-founder, expressed enthusiasm about the new investment and outlined the company's future goals. He emphasized their focus on growth, mentioning that their daily rides have surged to 2.5 million in the past year. The funds will be used to innovate and enhance their services to better meet customer needs, as well as to drive advancements in urban mobility.

Rapido intends to use the new capital to expand its operations across India, particularly by enhancing its technology platform for better service. Initially offering bike-taxi services, Rapido has since diversified into three-wheeler autos and cabs. The latest investment will fuel its expansion into these areas and extend its reach into tier 2 and tier 3 cities.

Sumir Chadha, Co-founder and Managing Partner of WestBridge Capital, praised Rapido’s growth and efficiency. He noted that the company has become India’s top low-cost mobility platform, progressing from bike taxis to autos and cabs. The company’s operational strength and customer focus have made Rapido one of the most popular consumer apps in India. This latest funding round highlights WestBridge Capital’s continued support for Rapido’s journey.

Founded in 2015, Rapido started with bike-taxi services and has since expanded to offer auto and cab rides across more than 100 cities in India. WestBridge Capital, the lead investor in this round, manages over $7.5 billion across its India and Mauritius funds.