Rapido secured USD 200 million in a funding round led by current investor WestBridge Capital. The ride-hailing app Rapido has reached a valuation of USD 1.1 billion, as per a report by the Economic Times on September 5, 2024.

The funds obtained will be utilised to expand the recently introduced service for four-wheeled taxis. The organisation also has intentions to venture into the quick-commerce markets for local deliveries.

The firm’s CEO (backed by Swiggy), Aravind Sanka, informed that the finances would broaden its freshly introduced service for four-wheeled taxis as it aims to compete with Ola and Uber.

According to the report, other venture capital firms such as Nexus Venture Partners, Think Investments, and US-based Invus Opportunities participated in the funding round.

In July, Rapido achieved unicorn status after securing approximately USD 120 million (Rs 1,000 crore) in its Series E funding round led by its current investor, WestBridge Capital. A unicorn is a privately owned enterprise valued at USD 1 billion.

Based in Hyderabad, the company was established in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR. Initially starting as an aggregator for auto and bike taxis, Rapido expanded into cabs and asserted to have created over 70 lakh job opportunities in nine years.

Rapido is India’s foremost and fastest-growing app for bike taxis, with 25 million app downloads. Presently, they are operational in more than 100 cities.

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