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. Latest funding round propels Rapido’s valuation to over $1.1 billion. Investment to accelerate expansion and strengthen Rapido’s leadership in urban mobility. Investment follows strong user growth, with GMV soaring 2.5 times over the past year, now reaching 2.5 million daily rides.
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.”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.
