Business: Ride-sharing platform Rapido has raised $200 million in a Series E funding round led by WestBridge Capital, valuing it at $1.1 billion, the company said in a statement on Thursday. With this fundraise, the company has joined the prestigious unicorn club, or startups with a billion-dollar valuation. The round also saw participation from other new investors including Think Investments and Invus Opportunities and existing investor Nexus Ventures. The fresh capital will help Rapido expand operations across India and enhance its technology platform to enhance service delivery. The company plans to grow its operations across categories, including bike-taxi, three-wheelers and taxicabs. Rapido co-founder Arvind Sanka said, “With this fresh infusion of capital, we are eager to explore and expand our offerings… Over the past year, we have experienced significant growth, with our daily rides growing to 2.5 million.
” In April, Mint first reported about WestBridge’s plans to double down on the ride-sharing aggregator. Rapido had last raised $180 million from Swiggy in April 2022 at a valuation of around $830 million. WestBridge had invested in Rapido, operated by Roopen Transportation Services Pvt Ltd, as early as 2019 and participated in rounds in 2021 and 2022. “In the five years since our initial investment in Rapido, we have seen… the team transform it into India’s leading low-cost mobility platform,” WestBridge Capital co-founder and managing partner Sumir Chadha said in the statement. “From dominating bike taxis to making significant inroads into 3W autos and cabs, their growth is a testament to their operational rigour and relentless focus on customer and captain satisfaction.”
