Bike-taxi startup Rapido has develop into the newest Indian startup to develop into a unicorn, or attain $1 billion in valuation. The eight-year-old agency has raised $120 million in a brand new funding spherical led by WestBridge Capital, based on a regulatory submitting.
The new capital, a Series E infusion, underscores Rapido’s rising prominence in India’s mobility sector the place it has emerged as a formidable challenger to the long-standing duopoly of Uber and Ola. It is concurrently additionally serving to Swiggy’s aggressive stance towards rival Zomato within the fiercely contested meals supply market.
Swiggy led Rapido’s final spherical, in April 2022, which valued the mobility startup at $800 million. Rapido has raised about $430 million thus far.
Rapido’s deal with two-wheeler transportation, as a substitute of cabs, has allowed it to navigate the challenges which have hindered the expansion of conventional cab-hailing companies in India, capitalizing on the widespread use of bikes and scooters within the nation’s congested city facilities.
Rapido didn’t reply to a request for remark.
In Rapido, Swiggy has discovered a supply accomplice that’s serving to it serve the rising meals supply orders within the nation. Rapido is ready to present its drivers extra work alternative via its tie-up with Swiggy, based on an investor of Rapido, who requested anonymity discussing technique. Swiggy finally plans to extend its stake in Rapido, based on an individual accustomed to the state of affairs, however not earlier than the IPO.
Rapido additionally engaged with Khazanah, Malaysia’s sovereign wealth fund, for funding within the present spherical, TechCrunch beforehand reported.
Swiggy has filed for an preliminary public providing, looking for to boost $1.25 billion from the occasion.
Rapido is the third Indian startup to develop into a unicorn this yr after fintech Perfios and AI upstart Krutrim.
