Rapido Turns Unicorn As WestBridge Capital Infuses $120 Mn

According to media reports, bike-taxi startup Rapido has become a unicorn, reaching a USD 1 billion valuation after securing USD 120 million in a new funding round led by WestBridge Capital. This eight-year-old company has now raised approximately USD 430 million to date.

According to media reports, Rapido's partnership with food delivery giant Swiggy has been mutually beneficial. Swiggy led Rapido’s previous funding round in April 2022, which valued the startup at $800 million. This collaboration has enabled Rapido to provide more work opportunities for its drivers, while supporting Swiggy in managing the growing food delivery orders across the country.

According to media reports, Swiggy plans to increase its stake in Rapido before the IPO. Rapido also engaged with Khazanah, Malaysia’s sovereign wealth fund, in the current funding round, according to media reports.

Its Series E funding highlights Rapido's significant role in India's mobility sector, challenging the dominance of Uber and Ola. Rapido's focus on two-wheeler transportation, instead of traditional cabs, has allowed it to thrive in the congested urban centers of India.

Rapido is the third Indian startup to achieve unicorn status this year, following fintech company Perfios and AI startup Krutrim, according to media reports.