Rapido is an online transportation booking platform that secured $200 million in its series E funding round from WestBridge Capital. Nexus Venture Partners also participated in the funding round along with Think Investments and Invus Group. The company plans to use these fresh proceeds to scale its operations, improve its performance capability, expand its network, and increase its customer base. The startup uses advanced technology to offer a seamless user experience.
The startup provides various transportation services via its platform. According to the company filing, the startup will use these fresh proceeds to expand its four-wheeler services, meet working capital purposes, and strengthen its position in the mobility market. The firm also offers auto rickshaws and bike taxi rides. The company provides its services in more than 100 cities across India. Rapido is an online platform and mobile application that allows users to book rides by providing location, user details, and payment details. The platform uses advanced technologies to offer its customers a seamless experience and make secure payments. This investment shows the investor’s trust in Rapido’s market potential and business model.
The startup claims to have over 25 million app downloads and around 19.3 lakh rides daily. After this round, the existing investor WestBridge Capital holds the largest stake with 32.88 percent followed by Swiggy owning 12.32 percent and Nexus Ventures with 8.19 percent stake in the company. Even though Swiggy has the second-largest external stakeholder stake in the firm it did not invest in this series E round as it filed DRHP for an IPO. Rapido previously secured $120 million in its Series E funding round. The startup data intelligence platform, the kredible mentioned the valuation of Rapido to be around 1.1 billion USD during its last funding round.
The mobility company announced a 54 percent increase in net loss to Rs 675 crore FY23. However, its operating revenue increased by 3 times to Rs 443 crore in the same duration. Entrackr reported that Rapido mentioned that autorickshaws contribute 40 percent of its GMV while 30 percent comes from bikes. The company launched its cab services in December 2023 and plans to boost it while competing with Ola and Uber in India. The company has raised around $449 million across multiple funding rounds since its inception, including $180 million secured during its Series D funding round.
Conclusion:
Rapido is a mobility startup that secured fresh capital of 200 million USD from WestBridge Capital at a valuation of 1.1 billion USD in its series E funding round. The funding round saw the participation of Nexus Venture Partners, Invus Group, and Think Investments. The company plans to use this amount to scale up its services, expand its four-wheeler transportation, and advance its technology. After this round, the existing investor WestBridge Capital holds the largest external stake with 32.88 percent. The company previously raised $120 million through a resolution to allot 98489 Series E1CCPS, 10 equity shares, and 95,479 Series E CCPs at an issue price of Rs 52,476 per share.
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