Rapido, the ride-sharing platform, has secured commitments amounting to $200 million in its Series E funding round, led by WestBridge Capital. The round also saw participation from existing investor Nexus, alongside new investors Think Investments and Invus Opportunities.
This latest investment raises Rapido’s post-money valuation to $1.1 billion, reinforcing its leading position in the urban mobility sector. Aravind Sanka, Co-founder of Rapido, expressed excitement about the funding, stating, “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. This investment will empower us to continue innovating and improving our services, allowing us to better serve our customers and make significant strides in enhancing urban mobility for everyone.”
The capital raised will be strategically deployed to expand Rapido’s operations across India and to scale its technology platform for enhanced service delivery. Rapido aims to strengthen its presence across all its service categories, including bike-taxis, three-wheelers, and taxi-cabs.
Sumir Chadha, Co-founder and Managing Partner at WestBridge Capital, shared his thoughts on Rapido’s journey: “In the five years since the initial investment made in Rapido, we’ve seen Aravind, Pavan, Rishikesh, and the team transform it 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. We congratulate the team on their capital efficient scale-up, which now positions Rapido amongst India’s most used consumer internet apps. This latest funding round underscores our ongoing commitment to their journey.”
Founded in 2015, Rapido initially focused on bike-taxis but has since expanded into auto and cab services, diversifying its offerings and strengthening its operational capabilities. The company now operates in over 100 cities, including many tier 2 and tier 3 cities, broadening its reach beyond metro areas.
WestBridge Capital, a seasoned investment firm, manages over $7.5 billion in capital across its funds in India and Mauritius, further bolstering Rapido’s growth trajectory.
