Rapido has become a unicorn as the ride-hailing startup raised around $120 million ( ₹1,000 crore) in its latest Series E funding round led by its existing investor WestBridge Capital. Rapido is considering expanding its auto and cab services to newer cities in India.
What are Rapido’s plans for the future?
A unicorn means a privately owned startup valued at over $1 billion and Rapido which closely competes with players like Ola, Uber and Namma Yatri intends to use the new funding to “develop their tech stack and expand in the newer markets which was previously dominated by Ola and Uber”, Moneycontrol reported citing a venture capital investor in the know.
Additionally, the Economic Times reported that Rapido is likely to raise another $20 million from global investors, citing people who are aware of the matter. The source told the outlet, “A US-based family office and a UK-based fund are in talks to pick up stakes in the company,” one of the persons said.
A look at Rapido’s journey since 2015
Rapido was founded in 2015 by Aravind Sanka, Pavan Guntupalli and Rishikesh SR. After starting out as an auto and bike taxi aggregator, the company later expanded to cabs. Earlier in April 22, Rapido raised $180 million in a Series D round led by Swiggy and joined by TVS Motor Company, Westbridge, Shell Ventures and Nexus Ventures.
Other unicorns this year
Rapido is the third to become a unicorn this year after Perfios and Ola founder Bhavish Aggarwal’s Krutrim AI turned unicorns earlier. In 2023, there were only two new unicorns—Zepto and InCred Wealth.
