Ride-hailing platform Rapido on Thursday said it has raised $200 million in fresh funding as a part of its Series E round that valued it about $1.1 billion.
Its existing investor WestBridge Capital, which has also invested in several homegrown companies such as Meesho, Freshworks, PW (PhysicsWallah), and Leadsquared, led the round.
The round also saw participation from existing investor Nexus Venture Partners, along with new investors Think Investments and Invus Opportunities, the company said.
The Bengaluru-headquartered startup will use the capital to expand its operations across the country and improve its app, as it scales up its operations across all categories.
“With this new infusion of capital, we are eager to explore and expand our offerings, ensuring we meet the evolving needs of our customers,” said Aravind Sanka, Co-founder of Rapido.
Sanka founded Rapido in 2015 along with Rishikesh SR and Pavan Guntupalli as a bike-taxi service. It has since expanded its offerings to include auto-rickshaws, and most recently, cabs too. The platform’s app offers services in multiple languages, such as Kannada, Telugu, Tamil, Hindi and English.
Currently, it claims to offer about 2.5 million daily rides. It has also grown its reach beyond metro cities and has a presence in over 100 cities, including tier II and III cities across the country.
The latest funding comes about two years after Rapido raised $180 million in a Series D funding round led by Swiggy in 2022. Prior to that, it secured $52 million in its Series C funding in 2021.
It also counts TVS Motor Company, Shell Ventures, Nexus Ventures, Yamaha India, Cred founder Kunal Shah, Spotify India’s CEO Amarjit Singh Batra and Positive Moves Consulting among its investors.
The startup's loss widened to Rs 675 crore in FY23 from Rs 439 crore in FY22. Its net sales grew to Rs 443 crore in FY23 compared to Rs 145 crore the previous year.
"In the five years since the initial investment made in Rapido, we've seen the team transform it into India's leading low-cost mobility platform,” said Sumir Chadha, co-founder and managing partner at WestBridge Capital.
“From dominating bike taxis to making significant strides into 3-wheeler autos and cabs, their growth is a testament to their operational rigor and relentless focus on customer and captain satisfaction,” he added.
