Rapido Secures $200 Million in Series E Funding, Valuation Surpasses $1.1 Billion
New Delhi Homegrown ride-sharing platform Rapido announced on Thursday that it has successfully raised $200 million in its Series E funding round, propelling its valuation to over $1.1 billion. The funding round was spearheaded by WestBridge Capital, with significant contributions from existing investor Nexus, as well as new investors Think Investments and Invus Opportunities.
Aravind Sanka, Co-founder of Rapido, expressed enthusiasm about the new investment, stating, “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 utilize the funds to expand its operations across India and enhance its technology platform to improve service delivery. Rapido aims to scale up its operations in bike-taxis, three-wheelers, and taxi-cabs, reinforcing its position in the competitive ride-sharing market.
Sumir Chadha, Co-founder and Managing Partner at WestBridge Capital, highlighted Rapido’s impressive growth trajectory, noting, “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.”
Founded in 2015, Rapido has expanded its reach beyond metro cities, establishing a presence in over 100 cities, including tier 2 and tier 3 locations across India. Despite a surge in losses—nearly 54% increase to Rs 675 crore in FY23 from Rs 439 crore in FY22—attributed to rising rider costs, IT investments, and employee benefits, Rapido continues to diversify its service offerings.
In April 2023, Rapido raised $180 million, led by online food delivery service Swiggy. The company, initially focused on bike-taxis, has since broadened its scope to include auto and cab services, further enhancing its market presence and operational capabilities.
