Ride-sharing platform Rapido, on Thursday, said it has received commitments to the tune of around $200 million in its Series E funding, led by WestBridge Capital, a prominent investment firm focused on investments in India.
The round also saw participation from existing investor Nexus, along with new investors Think Investments and Invus Opportunities, the company said adding that the latest investment elevates Rapido’s post-money valuation to $1.1 billion.
The newly-raised funds will be strategically allocated to expanding Rapido’s operations across India and scaling its technology platform to enhance service delivery. Rapido plans to grow its operations across all categories, including bike-taxis, three-wheelers, and taxi-cabs, the company said.
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“With this new infusion of capital, we are eager to explore and expand our offerings, ensuring we meet the evolving needs of our customers. Over the past year, we’ve experienced significant growth, with our daily rides surging to 2.5 million,” Aravind Sanka, Co-founder of Rapido, said.
Sumir Chadha, co-founder and Managing Partner at WestBridge Capital, said that in the five years since the initial investment made in Rapido, the company has seen Rapido transforming into India’s leading low-cost mobility platform.
“From dominating bike taxis to making significant strides into 3W autos and cabs, their growth is a testament to their operational rigor and relentless focus on customer and captain satisfaction. This latest funding round underscores our ongoing commitment to their journey,” Chadha said.
Since its inception nine years ago, Rapido has seen more than 150 per cent year-on-year growth. Initially focused on bike-taxis, the company has since diversified into auto and cab services, expanding its value proposition and strengthening its operations. Rapido has also extended its reach beyond metro cities, establishing a presence in over 100 cities, including tier-II and III cities across the country.