🚀 Rapido Joins the Unicorn Club with $120 Million Series E Funding Led by WestBridge Capital 🚀
Exciting news in the mobility sector! Rapido, backed by Swiggy, has achieved unicorn status by raising $120 million in a Series E funding round. This significant investment was led by WestBridge Capital through Setu AIF Trust, Konark Trust, and MMPL Trust.
Regulatory filings reveal that Rapido’s board approved issuing 10 equity shares, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares (CCPS) at ₹52,467 per share, totaling ₹1,002 crore ($120 million). This round values Rapido at approximately ₹8,517 crore (over $1 billion). Previously, Rapido was valued at around $850 million after its $180 million Series D round in April 2022. To date, Rapido has raised over $300 million across various rounds.
WestBridge Capital now holds a 26% stake in Rapido, making it the largest shareholder. Swiggy, which owns more than 15% of Rapido, did not participate in this round due to its impending IPO.
Rapido has claimed the position of the second-largest player in the ride-hailing market, surpassing Ola and trailing only Uber. Internal documents show that as of March 2024, Uber handles 1.93 million rides daily, Rapido manages 1.65 million rides, and Ola facilitates 1.3 million rides.
Rapido’s growth strategy includes a Software-as-a-Service (SaaS) model with zero commission, cashback offers, and IPL sponsorships. This approach has made it the leader in India’s bike taxi market and a dominant player in the southern auto-hailing segment.
Despite increased revenue, Rapido has yet to comment on its FY24 financials. However, its operating revenue for FY23 saw a threefold increase to ₹443 crore, though losses rose by 54% to ₹675 crore.
Join us in congratulating Rapido on this incredible milestone! 🚀
