Ride-hailing platform Rapido has become a unicorn as it raised $120 million or Rs 1,000 crore in its Series E funding round led by existing investor WestBridge Capital.
The ride-hailing startup is set to use the funds to develop its tech stack and expand in the newer markets dominated by its contenders Ola, Uber, and Namma Yatri.
Sources also suggest that Rapido is in talks with a US-based family office and UK-based fund to pick up stakes in the company. This way the Bengaluru-based ride service startup is likely to raise $20 million more.
Cofounded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR., Rapido has transitioned from an auto and bike ride aggregator to cabs as well. The company had secured $180 million in a Series D round led by Swiggy along with TVS Motor Company, Shell Ventures, Nexus Ventures, and WestBridge.
A unicorn is a privately owned company valued at $1 billion or more. Rapido is third in line after Perfios, and Ola’ Krutrim AI became unicorns this year. Zepto and InCred Wealth were the companies to become unicorns in 2023.
