Rapido today announced that it has raised $200 million in its Series E funding round, bringing its valuation to over $1.1 billion. The round was led by WestBridge Capital, with participation from existing investor Nexus and new backers Think Investments and Invus Opportunities.
Aravind Sanka, Co-Founder, Rapido, said, “Over the past year, we’ve experienced significant growth, with our daily rides surging to 2.5 million. This investment will empower us to continue innovating and improving our services, allowing us to better serve our customers.”
The company plans to use the funds to expand its operations across India and scale its technology platform, improving service delivery. Rapido’s growth strategy includes broadening its presence in bike-taxis, three-wheelers and taxi-cabs.
Sumir Chadha, Co-Founder and Managing Director (MD), WestBridge Capital, expressed, “From dominating bike taxis to making significant strides into 3W autos and cabs, their growth is a testament to their operational rigour and relentless focus on customer and captain satisfaction.”
In April 2023, Rapido raised $180 million in a round led by food delivery giant Swiggy, further boosting its diversification into auto and cab services, strengthening its operational capabilities across the country.
