Bike taxi startup Rapido has develop into the newest Indian startup to develop into a unicorn, with a valuation of $1 billion. The eight-year-old firm raised $120 million in a brand new funding spherical led by WestBridge Capital, in keeping with a regulatory submitting.
The brand new Collection E funding underscores Rapido’s rising prominence in India’s mobility sector, turning into a formidable challenger to the long-term duopoly of Uber and Ola. It is going to additionally assist Swiggy preserve its aggressive place in opposition to rival Zomato within the extremely aggressive meals supply market.
Swiggy led Rapido’s final funding spherical in April 2022, which valued the cell startup at $800 million. Rapido has raised roughly $430 million up to now.
Rapido’s concentrate on two-wheeler transportation slightly than taxis permits it to capitalize on the widespread use of bikes and scooters in India’s congested city facilities to deal with challenges which have hampered the expansion of conventional taxi companies within the nation.
Lapido didn’t reply to a request for remark.
In Rapido, Swiggy has discovered a supply accomplice to assist it cater to the rising meals supply orders within the nation. An investor in Rapido, who didn’t want to be named, stated that by partnering with Swiggy, Rapido will be capable of present extra job alternatives for its drivers. Swiggy finally plans to extend its stake in Rapido, however not earlier than the IPO, in keeping with an individual conversant in the matter.
In line with earlier reviews by TechCrunch, Rapido has additionally contacted Malaysian sovereign wealth fund Khazanah for this spherical of financing.
Swiggy has filed for an preliminary public providing, searching for to lift $1.25 billion by the train.
Rapido is the third Indian startup to develop into a unicorn this 12 months, after fintech Perfios and synthetic intelligence upstart Krutrim.
