Mumbai, 5th September 2024: Rapido, India’s largest ride-sharing platform, has received commitments to the tune of ~$200 million in its Series E funding, marking a significant milestone in its mission to transform shared mobility across the country.
The Series E funding round was led by WestBridge Capital, a prominent investment firm focused on investments in India. The round also saw participation from existing investor Nexus, along with new investors Think Investments and Invus Opportunities. This latest investment elevates Rapido’s post-money valuation to $1.1 billion, reinforcing its strong position in the urban mobility sector.
Speaking on the funding Aravind Sanka, Co-founder of Rapido said, “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.”
Sumir Chadha, co-founder and Managing Partner at WestBridge Capital, said “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 scaleup, which now positions Rapido amongst India’s most used consumer internet apps. This latest funding round underscores our ongoing commitment to their journey”
The newly raised funds will be strategically allocated to expanding Rapido’s operations across India and scaling its technology platform to enhance service delivery. Rapido plans to grow its operations across all categories, including bike-taxis, three-wheelers, and taxi-cabs.
Since its inception 9 years ago, by driving more than 150% year-on-year growth, Rapido has revitalized the consumer internet space in India, solidifying its position as a leader in the shared mobility sector. Initially focused on bike-taxis, the company has since diversified into auto and cab services, expanding its value proposition and strengthening its operations. Rapido has also extended its reach beyond metro cities, establishing a presence in over 100 cities, including tier 2 and 3 cities across the country.