Rapido Raises $200 Million, Becomes Unicorn

Mobility startup Rapido has raised $200 million in a Series E funding round led by WestBridge Capital, achieving a valuation of $1.1 billion and entering the unicorn club. The funds will be allocated to expanding its newly launched four-wheeler taxi service to compete with established players like Ola and Uber, and to venture into quick commerce for hyperlocal deliveries using its two-wheeler fleet. Co-founder and CEO Aravind Sanka highlighted that the company has experienced significant growth, with daily orders reaching up to 2.5 million, of which 7% come from business-to-business operations. Alongside existing investors, new contributors include Think Investments and Invus Opportunities. Founded in 2015, Rapido has diversified from bike taxis into auto and cab services, establishing a presence in over 100 cities across India. Despite recent growth, the company reported a nearly 54% increase in losses for FY23, totaling Rs 675 crore, attributed to rising operational costs.