Mumbai: Rapido, India’s leading ride-sharing platform, has raised approximately $200 million in its Series E funding round, propelling its valuation to $1.1 billion. This substantial investment underscores Rapido’s remarkable growth and its ambition to reshape shared mobility across India.
The funding round was spearheaded by WestBridge Capital, a prominent investment firm with a focus on the Indian market. Existing investor Nexus also participated, alongside new investors Think Investments and Invus Opportunities.
Rapido plans to utilize the fresh capital to fuel its expansion across India and bolster its technology platform to improve service quality. The company intends to amplify its operations across all categories, including bike-taxis, three-wheelers, and taxi-cabs.
Founded nine years ago, Rapido has experienced impressive year-on-year growth of over 150%, establishing itself as a frontrunner in the shared mobility domain. While initially focused on bike-taxis, Rapido has strategically diversified its offerings to include auto and cab services, thereby broadening its value proposition and reinforcing its operational strength. The company has also extended its reach beyond major metropolitan areas, establishing a presence in over 100 cities, including tier 2 and 3 cities across the country.
This latest funding round marks a significant milestone for Rapido, empowering it to further revolutionize the shared mobility landscape in India.
