The largest ride-sharing company in India, Rapido, has raised $200 million in Series E fundraising headed by WestBridge Capital. New investors Think Investments and Invus Opportunities, along with current investor Nexus, also participated. With this most recent investment, Rapido is now valued at USD 1.1 billion post-money.
Aravind Sanka, Co-founder of Rapido said, “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.”
The recently raised capital will be judiciously apportioned towards augmenting Rapido’s activities throughout India and growing its technological infrastructure to improve service provision. Rapido intends to expand all aspects of its business, including three-wheelers, taxis, and bike-taxis.
Rapido has been a leader in the shared mobility market and has rejuvenated the Indian consumer internet space since its founding nine years ago, with over 150% year-over-year growth. The business, which at first concentrated on bike taxis, has subsequently expanded into car and taxi services, bolstering its operations and increasing its value proposition. In addition to growing its footprint in major cities, Rapido has also penetrated more than 100 cities nationwide, including tier 2 and tier 3 cities.
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