Rapido Reaches $1.1 Bn Valuation With $200 Mn Funding Led By WestBridge Capital

Rapido, homegrown mobility startup, has secured USD 200 million in a Series E funding round led by existing investor WestBridge Capital, propelling its valuation to USD 1.1 billion, according to media reports. This latest infusion of capital also saw participation from Nexus Venture Partners, Think Investments, and New York-based Invus Opportunities.

According to media reports, CEO Aravind Sanka revealed that the funds will be directed towards scaling Rapido's newly launched four-wheeler taxi service, putting it in direct competition with giants like Ola, Uber, and Namma Yatri, as per media reports. Additionally, Rapido is eyeing a leap into the booming quick commerce sector, aiming to leverage its extensive two-wheeler fleet for hyperlocal deliveries.

Sanka highlighted that Rapido’s recent growth trajectory has solidified its leadership in the bike-taxi market. The platform is now handling 2.3 to 2.5 million orders daily, with 7% attributed to business-to-business transactions, including food delivery for Swiggy and logistics support through ONDC, according to media reports.

Earlier this year, on July 29, Rapido raised USD 120 million from WestBridge as part of a larger funding initiative, as per media reports. The company's aggressive expansion into new cities and vehicle categories, such as auto-rickshaws, has helped it surpass the USD 1 billion gross merchandise value (GMV) milestone.

Founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, Rapido had previously raised USD 180 million in Series D funding in April 2022, led by Swiggy, which valued the company at USD 800 million, according to media reports.